Ukraine and Great Britain Trade Cooperation: The Current State and Prospects

Abstract

The article is aimed at determining the current state and prospects for the development of trade cooperation between Ukraine and Great Britain. For Ukraine, cooperation with the the United Kingdom as one of the world’s trade leaders can be a promising direction. The dynamics of foreign trade in goods and services of Ukraine with Great Britain are provided. The increase in Ukrainian exports of goods may continue after the Great Britain leaves the EU, as, unlike other EU countries, Great Britain pursues a less protectionist policy on agricultural products. The commodity structure of exports and imports, as well as changes in the structure of foreign trade in the services of Ukraine and Great Britain over the past 5 years are analyzed. The main commodities exported by Ukraine are ferrous metals, grain crops, fats and oils of both animal and vegetable origin. The structure of British imports of goods is dominated by goods with high added value. Great Britain is one of Ukraine’s main foreign trade partners in the trade in services. A positive process for Ukraine is the increase in the share of services exports in the sphere of telecommunications, computer and information services. It is determined that trade cooperation between Ukraine and Great Britain during the researched period is characterized, in general, by positive dynamics. Positive changes include a gradual reduction in the negative balance of Ukrainian trade with great Britain due to faster growth of Ukrainian exports. At the same time, the unresolved problem remains low-diversified exports of Ukraine with low added value. Prospects for further trade cooperation between Ukraine and Great Britain in the context of signing the Agreement on Political Cooperation, Free Trade and Strategic Partnership between Ukraine and the United Kingdom of Great Britain and Northern Ireland are examined.

Keywords

• foreign trade
• exports
• imports
• ukraine
• great britain