News Global Market EU 25 May 2023
The European Union suspends all tariffs, quotas and trade protection measures on Ukrainian exports until June 2024
On May 25, the Council of the European Union adopted a resolution renewing the suspension of all customs duties, quotas and trade protection measures on Ukrainian exports to the EU for another year, until June 2024. It is reported on the institution’s website.
«By renewing these measures the EU is continuing to demonstrate its unwavering political and economic support for Ukraine, which is still facing Russia’s unprovoked and unjustified military aggression. The measures will help Ukraine to maintain the stability of its trade relations with the EU and to keep its economy going under very challenging circumstances,» the message says.
According to Johan Forssell, Swedish Minister for International Development Cooperation and Foreign Trade, the renewed Autonomous Trade Measures will unequivocally support Ukraine and at the same time they provide the EU with a way of protecting if necessary the internal market from significant increase in imports of some agricultural products.
Prime Minister of Ukraine Denys Shmyhal thanked European partners for this decision on his Telegram channel.
«The European Council today extended the economic visa-free with Ukraine for another year. This means that Ukrainian business will not pay any duties, quotas and tariffs when exporting goods to the EU at least until June 2024,» he wrote.
The European Commission submitted a proposal for the renewal of temporary trade liberalization, supplementing the trade preferences applied to Ukrainian products in accordance with the Association Agreement, in February 2023. On May 9, the European Parliament approved this proposal. The adopted regulation must be signed by representatives of the EU Council and the European Parliament and published in the Official Gazette, it will enter into force on June 6.
As GMK Center reported earlier, thanks to the complete cancellation of import tariffs and quotas by the EU, Ukrainian business was able to increase exports to the European Union during the war. Last year, it amounted to $27.9 billion, which is 63% of the total export volumes for 2022. In June 2022, the European Commission canceled all tariffs and protective measures on Ukrainian imports for one year, which, together with the Solidarity Lanes program, ensured a stable trade flow from Ukraine to the European Union.