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REVISION OF THE ASSOCIATION AGREEMENT WITH THE EU WILL OPEN FOR UKRAINE NEW PROSPECTS FOR FURTHER INTEGRATION WITH THE EU

On July 5, the Verkhovna Rada Committee on Economic Development held hearings on the revision of the economic part of the EU-Ukraine Association Agreement on the topic: “Strategic guidelines for deepening Ukraine’s trade and economic relations with the European Union under the Association Agreement.” The Minister of Economy was represented by Deputy Minister – Trade Representative of Ukraine Taras Kachka and Deputy Minister Mykhailo Lev.

Taras Kachka noted that today some parts of the trade part of the Association Agreement have almost exhausted their potential.

“Ukraine supports the deepest possible revision of the Association Agreement, affecting not only the trade and economic part. We are interested in in-depth trade liberalization, modification of the SPS rules, conclusion of the ACAA Agreement and other ambitious and promising provisions that will contribute to Ukraine’s further integration into the European Union, “Taras Kachka said.

The Trade Representative of Ukraine stressed that the EU-Ukraine Deep and Comprehensive Free Trade Area was formed on the basis of trade statistics in the 2000s, and no longer corresponds to today’s economic realities and does not provide additional opportunities for further trade and production cooperation.

The Deputy Minister noted that the European Union is Ukraine’s largest trading partner with a share of trade in goods of 40.2% of the total foreign trade of Ukraine and the Ministry of Economy continues to work closely with the EU to intensify trade.

“Today, the Government speaks on behalf of Ukrainian business, which sees its future in close cooperation and further integration with European ones. The revision of the Association Agreement in the future will provide additional impetus for the development of economic relations between Ukraine and the EU, “Taras Kachka stressed.

Reference:

The Ukrainian side has completed its domestic procedures and sent a formal note to the EU on accelerating and expanding the abolition of import duties on trade in accordance with Article 29 (4) of the EU-Ukraine Association Agreement. Negotiations are expected to take place in 2-3 rounds.

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