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Joint Declaration Demonstrates Commitment to Closer Trade Ties with Bulgaria

Bulgaria trading relations to be boosted by publication of joint declaration.

A joint declaration published on October 27th between the UK and Bulgaria reveals a commitment to improving trading links between the two countries.

Technology and digital services form the cornerstone of the declaration, with the hope that bi-lateral trade in these sectors will help grow both economies.

Economic growth in Bulgaria has slowed as a result of the Russia-Ukraine war, reducing to 2 % in Q1 of 2023. Exports to the UK are currently worth £2.7bn to the Bulgarian economy, meanwhile, UK exports to Bulgaria contributed £1.1bn to the UK economy for the four quarters to the end of Q1 2023, according to the Office for National Statistics (ONS).

The UK pledged to support Bulgaria’s economic recovery by supporting the country’s ambition to join the Organisation for Economic Cooperation and Development (OECD) and promoting Bulgaria as a nearshoring destination to SMEs, start-ups and more established businesses seeking to export goods and services and outsource operations.

Information and advice on exporting to Bulgaria can be found here.

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