British Trade Secretary Kemi Badenoch. PA
British Trade Secretary Kemi Badenoch. PA
British Trade Secretary Kemi Badenoch. PA
British Trade Secretary Kemi Badenoch. PA

UK and Ukraine sign 'ground-breaking' new digital deal


Soraya Ebrahimi
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A ground-breaking new deal will give Ukraine guaranteed access to UK financial services as it tries to rebuild its shattered economy, the government has said.

The new digital trade agreement will be signed in London on Wednesday by Trade Secretary Kemi Badenoch and Ukraine’s First Deputy Prime Minister, Yulia Svyrydenko.

Based on a similar agreement this year between the UK and Singapore, the deal will support digital commerce through cross-border data flows, officials said.

It follows an approach by the government in Kyiv over the summer to see if such an agreement would be possible.

Digital trade is considered to be particularly important in the conflict with Russia, where the fighting and the damage to infrastructure makes physical trade more difficult.

The agreement also allows for greater co-operation between the UK and Ukraine on cyber security and emerging technology.

Ukraine war latest - in pictures

  • The coffin of Valeriy Krasnyan is brought out of St. Michael's Golden-Domed Monastery in Kyiv. Getty Images
    The coffin of Valeriy Krasnyan is brought out of St. Michael's Golden-Domed Monastery in Kyiv. Getty Images
  • Repairmen work near a residential building damaged following a missile attack in Vyshgorod, outside of Kyiv. AFP
    Repairmen work near a residential building damaged following a missile attack in Vyshgorod, outside of Kyiv. AFP
  • An elderly man walks in front of a residential building damaged following a missile attack in Vyshgorod. AFP
    An elderly man walks in front of a residential building damaged following a missile attack in Vyshgorod. AFP
  • A boy kisses a dog while he charges his phone at the heating tent dubbed a Point of Invincibly in Bucha, Ukraine. AP
    A boy kisses a dog while he charges his phone at the heating tent dubbed a Point of Invincibly in Bucha, Ukraine. AP
  • A couple uses a laptop in the heating tent. AP
    A couple uses a laptop in the heating tent. AP
  • Workers dig out a tire from the rubble of a destroyed storage building at a grain processing center so they can use it for repairs in Siversk, Donetsk region. Reuters
    Workers dig out a tire from the rubble of a destroyed storage building at a grain processing center so they can use it for repairs in Siversk, Donetsk region. Reuters
  • The Chernihiv region found itself on the frontline of Russia's invasion in February, when Moscow's forces were attempting to quickly seize Kyiv. Getty
    The Chernihiv region found itself on the frontline of Russia's invasion in February, when Moscow's forces were attempting to quickly seize Kyiv. Getty
  • Russia ultimately retreated from northern Ukraine to focus its attack on the east and south. Getty
    Russia ultimately retreated from northern Ukraine to focus its attack on the east and south. Getty
  • The city of Chernihiv on November 28, 2022 in Chernihiv, Ukraine. Getty
    The city of Chernihiv on November 28, 2022 in Chernihiv, Ukraine. Getty
  • A worker fits in new windows of a building in Chernihiv. Getty
    A worker fits in new windows of a building in Chernihiv. Getty
  • People receive food from AFAT - Disaster and Emergency Management Presidency in Chernihiv. Getty
    People receive food from AFAT - Disaster and Emergency Management Presidency in Chernihiv. Getty
  • The people Chernihiv queue up for hot food. Getty
    The people Chernihiv queue up for hot food. Getty
  • Oleksandr Antonenko stands on a balcony of his apartment damaged by a recent Russian military strike in Kherson. Reuters
    Oleksandr Antonenko stands on a balcony of his apartment damaged by a recent Russian military strike in Kherson. Reuters
  • Mr Antonenko and his mother Liudmyla inside their apartment recently damaged by a Russian military strike in Kherson. Reuters
    Mr Antonenko and his mother Liudmyla inside their apartment recently damaged by a Russian military strike in Kherson. Reuters
  • A woman walks in an underpass in Kyiv, on November 26, 2022. AFP
    A woman walks in an underpass in Kyiv, on November 26, 2022. AFP
  • Friends hug after the arrival of a train in the southern city of Kherson. Getty
    Friends hug after the arrival of a train in the southern city of Kherson. Getty
  • Residents sort through donated clothing at an aid centre in Kherson. Getty
    Residents sort through donated clothing at an aid centre in Kherson. Getty
  • A Ukrainian soldier stands with a machinegun near Liman in the Donetsk region. AP
    A Ukrainian soldier stands with a machinegun near Liman in the Donetsk region. AP
  • Children attend a physical education class at Spilno School in Kyiv. Getty
    Children attend a physical education class at Spilno School in Kyiv. Getty
  • A woman embraces her friend, a soldier in the Ukrainian army, in Kherson. AFP
    A woman embraces her friend, a soldier in the Ukrainian army, in Kherson. AFP
  • Residents inspect a crater left by a Russian military strike in the village of Komyshuvakha in the Zaporizhzhia region. Reuters
    Residents inspect a crater left by a Russian military strike in the village of Komyshuvakha in the Zaporizhzhia region. Reuters
  • Resident Tetiana Reznychenko walks past a work by world-renowned graffiti artist Banksy, on the wall of a destroyed building in the Ukrainian village of Horenka. Reuters
    Resident Tetiana Reznychenko walks past a work by world-renowned graffiti artist Banksy, on the wall of a destroyed building in the Ukrainian village of Horenka. Reuters
  • Ukrainian soldiers fire artillery at Russian positions near Bakhmut in the Donetsk region. AP
    Ukrainian soldiers fire artillery at Russian positions near Bakhmut in the Donetsk region. AP
  • A fisherman sails his boat on the Dnipro as black smoke rises from an oil reserve in Kherson. AFP
    A fisherman sails his boat on the Dnipro as black smoke rises from an oil reserve in Kherson. AFP

“The landmark digital trade deal agreed today between our two countries paves the way for a new era of modern trade between us," Ms Badenoch said.

“This agreement will mean our businesses and governments can collaborate even more and ensure Ukrainians have access to essential goods and services as digital trade opens up.

“This will help protect jobs, livelihoods and families now and in Ukraine’s post-war future.”

UK Prime Minister Rishi Sunak condemns Russia's bombing of Ukraine - video

How to keep control of your emotions

If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.

Greed

Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.

Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.

Fear

The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.

Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.

Hope

While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.

Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.

Frustration

Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.

Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.

Boredom

Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.

Tip: Open an online demo account and get your thrills without risking real money.

Company profile

Date started: Founded in May 2017 and operational since April 2018

Founders: co-founder and chief executive, Doaa Aref; Dr Rasha Rady, co-founder and chief operating officer.

Based: Cairo, Egypt

Sector: Health-tech

Size: 22 employees

Funding: Seed funding 

Investors: Flat6labs, 500 Falcons, three angel investors

Updated: November 30, 2022, 12:01 AM