UK's 'world class' exporters to play a part in rebuilding Ukraine – with support from government

Fri 17 Jun 2022
Posted by: Phillip Adnett
Trade News

Ukraine Trade Rebuild

Britain has hosted a UK-Ukraine Infrastructure Summit in London to help identify where UK companies can support reconstruction efforts.

Trade minister Anne-Marie Trevelyan signed a Memorandum of Understanding with Ukraine, confirming support for the rebuild.

Build back British

“Since February 2022, the Export Support Service has supported over 400 businesses and individuals wishing to export to Ukraine,” international trade minister Ranil Jayawardena said in parliament yesterday (16 June).

“The United Kingdom is exploring how she can support the Ukrainian government’s reconstruction efforts, where there may be opportunities for British businesses to contribute to this with their skills, technology and ingenuity,” he added.

A new joint task force will help build partnerships between UK and Ukrainian businesses to assist the reconstruction of infrastructure in Kyiv, focusing on areas including digital and services, water and sanitation, and transport.

UK Export Finance has pledged to retain its £3.5bn worth of financial support to fund Ukrainian reconstruction projects, allowing UK exporters to access trade finance.

Post-conflict future

Trevelyan said it was important to talk about a post-conflict Ukraine.

“Our world-class infrastructure and energy companies, along with businesses in fields like transport, healthcare, and agriculture are not just well-placed to support the immediate humanitarian response, they are in a strong position to play a part in Ukraine’s longer-term reconstruction too,” she added.

Britain has already removed most tariff barriers with the Ukraine to assist its economy.

The European Union has also proposed support to help Ukraine rebuild once the war with Russia ends, Reuters reports.

EU membership

Today the European Commission recommended that the country be designated a candidate for EU membership, reports the BBC.

EU Commission President Ursula von der Leyen says Ukrainians are “ready to die” for the European perspective.

“We want them to live with us in the European dream,” she added.

As reported by Politico, Germany, France and Italy (sometimes referred to as the ‘EU Big Three’) all backed the Ukraine bid, as well as the application of Moldova whilst rejecting the bid of Georgia. Their support is seen as a crucial positive step for Ukrainian accession.

Further reading on Ukraine crisis

Doing Business In Ukraine - The Institute of Export and International Trade

UK announces new trade measures to support Ukraine including applying more sanctions on Russia - The Institute of Export and International Trade

Sea, road, rail and air routes into Russia are shutting down as world reacts to Ukraine invasion - The Institute of Export and International Trade

UK announces new trade measures to support Ukraine including applying more sanctions on Russia - The Institute of Export and International Trade

UK food security will be hit if Russia invades Ukraine as Truss moves to toughen sanctions - The Institute of Export and International Trade