Cancellation Of EU Duties On All Ukrainian Goods For 1 Year Came Into Force

The abolition of European Union duties on all Ukrainian exports for 1 year has come into force.

The Ministry of Economy has said this in a statement, Ukrainian News Agency reports.

"On June 4, 2022, Regulation of the European Parliament and of the Council No. 2022/870 on temporary trade liberalization measures comes into force. This decision complements the opportunities that our exporters have under the Association Agreement between Ukraine and the EU. Now the tariffs prescribed in the agreement will temporarily suspended," the statement said.

According to the statement, these are duties for industrial products; suspending the application of the entry price system for fruits and vegetables; suspension of all tariff quotas for agricultural products; suspension of anti-dumping duties on imports of goods originating from Ukraine; suspension of the application of global protective measures in relation to Ukrainian goods.

In turn, the liberalization of trade relations implies that Ukraine will comply with European rules: the origin of goods and relevant procedures under the Association Agreement; refraining from any new restrictions on imports from the EU; Ukraine's respect for democratic principles, human rights and fundamental freedoms, the rule of law, and the fight against corruption.

"These new rules will be in effect for 1 year and will help Ukrainian manufacturers and exporters withstand the pressure of the war and strengthen their positions in the European market. Now the EU is Ukraine's largest trading partner. In 2021, the EU accounted for 39% of the total trade volume of our state. The volume of trade increased by 35% and amounted to USD 62.5 billion. Ukraine exports to the European Union primarily ferrous metals, ores, electrical machines, oil and grain. We expect that trade liberalization will help our exporters strengthen their positions in these and other commodity niches," the statement says.

As Ukrainian News Agency earlier reported, in May, members of the European Parliament approved the abolition of European Union duties for 1 year on all Ukrainian exports.