The EU will continue the preferential trade regime for Ukraine

The European Union extends the preferential trade regime for Ukraine for another year. This was stated by the Deputy Chairman of the European Commission Valdis Dombrovskis after the meeting of the Council of EU Ministers of Economy and Finance, informs Interfax-Ukraine.

“As a sign of solidarity with Ukraine, we proposed to extend the suspension of import duties, quotas and trade protection measures on Ukrainian exports to the EU for another year. In addition, we are working to deepen Ukraine’s integration into the EU single market,” the EC deputy chairman noted.

In addition, as Valdis Dombrovskis noted, that the second tranche within the framework of the macro-financial aid instrument, plus €1.5 billion, should be provided at the end of March 2023. According to him, the total financial support of the budget of Ukraine in the first quarter of 2023 will eventually reach €4.5 billion.

Last December, the Council of the EU approved a decision on macro-financial assistance to Ukraine for 2023 in the amount of €18 billion, the loan was granted with a 10-year grace period. In January 2023 Kyiv received the first tranche of €3 billion. Subsequent payments are made every month from March in the amount of €1.5 billion.

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. In 2022, it amounted to $27.9 billion, which is 63% of the total volume of exports for the past year.

Also, Ukraine has opportunities to ensure economic growth this year despite the continuation of the war, said the First Deputy Prime Minister – Minister of Economy of Ukraine Yuliya Svyridenko. She emphasized the need to focus on several key aspects. It is about increasing business security, expanding logistics routes, attracting foreign investments and working together with partners.