European Union has suspended import duties for Ukraine for a year

On May 24, 2022, the European Union adopted a resolution on the abolition of tariffs on all Ukrainian imports for a period of one year, a press release on the website of the European Council reads.

“Russia’s unprovoked and unjustified war of aggression against Ukraine has had a devastating impact on the country’s production capacity, transport infrastructure and access to the Black sea, as well as its wider ability to trade with the rest of the world. The consequences cannot be underestimated both internally, and internationally, in terms of impact on food security,” the statement said.

Thanks to these measures, the European Union will significantly support Ukraine’s economy.

Earlier the United Kingdom abolished all duties and quotas on Ukrainian products to support the country’s economy during the war. In 2021, exports to Britain amounted to $1.1 billion, which is 62.4% more than in 2020.

GMK Center analysts calculated the losses for the Ukrainian economy from trade barriers imposed on foreign markets at 3.3-3.5 million tons of metal products, or about $ 3 billion in export revenue.

International Monetary Fund has called for lowering trade barriers and debt burdens to boost the global economy.