Ukraine and the EU are set to boost trade / Photo from UNIAN
The European Commission confirms its readiness to start the review of the trade-related provisions of the Association Agreement between the European Union and Ukraine.
Valdis Dombrovskis, Executive Vice-President of the European Commission for an Economy that Works for People, announced this at a joint press conference with Prime Minister of Ukraine Denys Shmyhal in Brussels on February 10, according to an UNIAN correspondent.
"We note Ukraine's interest in trade and economic cooperation, deepening our work together in areas such as digital economy, trade facilitation, and customs. We are ready to start the review of trade liberalisation for goods envisaged in the Article 29 of the Agreement, which can take place five years after its entry into force, i.e. in 2021," he said.
"This will be an important step towards further improving access to our respective markets and testifies to the dynamic character of this Agreement," he said.
He also pledged the full support of the European Commission for the ambitious program of the Ukrainian government to implement the Association Agreement.
As Dombrovskis said, he and Shmyhal discussed, ahead of the meeting, the implementation of the Deep and Comprehensive Free Trade Area and agreed that "there is still a lot of untapped potential."
"We also understand the need to fully respect commitments made under the Deep and Comprehensive Free Trade Area. We noted good progress already on the implementation of the Deep and Comprehensive Free Trade Area. And we hope that this positive trend between Ukraine and the EU will also strengthen the role of the EU as a key trade partner for Ukraine," he said.
EU-Ukraine Association Agreement
- In 2014, the European Union and Ukraine signed an Association Agreement, which marked the beginning of a new period in the development of relations between the EU and Ukraine.
- On September 1, 2017, the Association Agreement between Ukraine and the EU entered into force in full in terms of the Deep and Comprehensive Free Trade Area between Ukraine and the EU. Prior to that, it had been applied on an interim basis since 2016.
- The agreement is a key tool for closer rapprochement between Ukraine and the European Union: it contributes to deeper political relations, stronger economic ties, and mutual respect for common values.
- The Association Agreement's economic provisions on the deep and comprehensive free trade area gives Ukraine an opportunity to expand trade relations and economic development, as it opens up new markets, contributes to the adaptation of legislation, standards, and regulations in various sectors. The latter will help incorporate EU standards in key sectors of the Ukrainian economy.