Open trade between Ukraine and the EU will help save the economy

In 2022, the share of the EU in the foreign trade turnover of Ukraine amounted to 55.5%

The openness of trade between Ukraine and the European Union and integration into the EU internal market is the key to the preservation of the Ukrainian economy in the conditions of war and rapid economic recovery. This was emphasized at the Ukraine-EU summit by First Deputy Prime Minister – Minister of Economy Yuliya Svyridenko, reports the department’s website.

According to statistical data, before the full-scale invasion of the Russian Federation, the share of the European Union in Ukraine’s international trade was 41%, and more than 10,000 Ukrainian companies exported their products to the EU. Additional decisions made during the war included the cancellation of all customs duties, the conclusion of an agreement on the cancellation of transportation permits, and joining the common transit system.

In 2022, the share of the EU in the foreign trade turnover of Ukraine reached 55.5%. In particular, our country currently imports 90% of fuel and 70% of medical drugs from the EU.

“Now it is important for us to support the pace of trade development and to extend the effect of autonomous trade measures in the form of the complete abolition of customs duties, as well as to continue agreements on automobile permits,” the First Deputy Prime Minister noted.

According to Yulia Svyridenko, a joint Priority Action Plan has been developed for the enhanced implementation of the free trade agreement for 2023-2024, which prioritizes integration projects in trade.

The conclusion of the Agreement on Conformity Assessment and Acceptance (ACAA) of industrial products should ensure the free movement of goods in the regime of the EU internal market.

“The decision of the Trade Committee on roaming agreed this week creates a clear legal framework for the integration of Ukraine into the relevant internal market of the European Union. It is about turning the temporary agreement, which was extended for 6 months, into a permanent mechanism,” explained Yuliya Svyridenko.

According to her, the Government aims to ensure the full integration of Ukraine into the EU customs space, the energy market, and the food safety control system.

Another important element is the insurance of war risks for the supply of goods and the implementation of investments. The Ukrainian government is actively working with national institutions – German Euler Hermes (now Allianz Trade), Austrian OeKB, Czech EGAP, Italian SACE – to make this possible and increase credit limits for 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, noted Prime Minister Denys Shmyhal. At the same time, as the head of the European Commission, Ursula von der Leyen, said at a press conference with the head of government, the EC will offer the EU member states to extend for a year the suspension of all customs duties and trade protection measures on imports from Ukraine.