Liberalization of trade with the EU will significantly support Ukrainian business

Ukraine plans to sign the ACAA Agreement by the end of 2023

In 2022, despite the war, Ukraine managed to increase exports to the EU – its volume in this period amounted to $27.9 billion. This was announced by the First Deputy Prime Minister of the Economy Yuliya Svyridenko, it is stated on the Government portal.

This was achieved thanks to the liberalization of trade, in particular, the cancellation by the EU of quotas and customs duties for Ukrainian products and the agreement on road transport during the period of martial law in Ukraine.

““All the steps taken by the European Union to liberalize trade with Ukraine have made it possible to direct most of the trade to the EU market. In 2022, 55% of mutual trade turnover was accounted for by European countries. We will continue to work to ensure that the EU extends the regulations that allow Ukraine to trade without quotas and tariffs. Given the conditions in which Ukrainian business operates, this would be a very significant support for Ukraine on the economic front,” the first vice-premier noted.

Regarding integration into the EU internal market, Yulia Svyridenko noted that this is an intermediate stage between the Free Trade Agreement and full membership in the European Union. First of all, it means equal rights for Ukraine and other EU member states in all areas – movement of goods (ACAA agreement), telecommunications, energy, customs, food safety, etc.

Ukraine plans to sign the ACAA Agreement by the end of 2023. This means that all industrial production will work according to EU rules, and it will be profitable for European business to locate production for the EU market on the territory of our country.

As GMK Center reported earlier, Ukraine is counting on progress in integration into the EU internal market and on the extension of duty-free trade with the European Union for another two years – until the end of 2024. According to Prime Minister Denys Shmyhal, further deepening of trade relations with the European Union is vital for Ukraine’s ability to resist Russian aggression.