Today, 4 June, the EU’s decision to abolish duties on Ukrainian goods for a year came into force.
According to the press service of the Ministry of Economy of Ukraine, this decision expanded the opportunities that Ukrainian exporters have under the EU-Ukraine Association Agreement.
“The new rules will be in force for a year and will help Ukrainian producers and exporters withstand the pressure of the war and strengthen their position in the European market,” the Ministry said.
In particular, this refers to the temporary suspension of the following:
- duties on industrial products;
- application of the entry price system for fruits and vegetables;
- all tariff quotas for agricultural products;
- anti-dumping duties on imports of goods originating from Ukraine;
- application of global safeguard measures in relation to Ukrainian goods.
At the same time, trade liberalisation implies that Ukraine will adhere to European rules of origin of goods and relevant procedures under the Association Agreement; refrain from any new restrictions on imports from the EU; ensure respect for democratic principles, human rights and fundamental freedoms, the rule of law, and fight against corruption.
Currently, the European Union is Ukraine’s largest trading partner, accounting for 39% of Ukraine’s total trade last year. The turnover increased by 35% and amounted to USD 62.5 billion.
As noted, Ukraine exports to the European Union mainly ferrous metals, ores, electrical machines, oil, and grain. Trade liberalisation will help strengthen the position of Ukrainian exporters in other commodity niches.