EU And Ukraine Move Towards Free Trade Deal

by Ulrika Lomas, for LawAndTax-News.com, Brussels

11 September 2008

It has emerged that the European Union and the Ukraine are on track to seal a comprehensive free trade agreement.

The FTA will form part of a wider economic and political treaty between the EU and Ukraine under the banner of a bilateral 'Association Agreement,' which was agreed upon in principle by the two sides just prior to a meeting between European Commission President, Jose Manuel Barroso, and Ukraine's President, Viktor Yushchenko, at the 12th annual EU-Ukraine Summit, held in Paris on September 9, 2008.

Barroso was accompanied at the summit by the Commissioner for External Relations and European Neighbourhood Policy, Benita Ferrero-Waldner, and by the Commissioner for External Trade, Peter Mandelson, whilst Yushchenko was accompanied by Foreign Minister Volodymyr Ogryzko.

Commenting on the possibility of a free trade deal, Mandelson stated that: "A deep and comprehensive free trade agreement is at the heart of the accord that the EU and Ukraine are striving for. This is not just about accelerating our trade and investment flows. It is a mark of Ukraine's continuing political and economic integration into the global economy, and deep partnership with the EU."

Barroso added: "At the present time, the EU and Ukraine must deliver on their very strong and shared commitment to deepen their relations and to strengthen their ties by finalizing an Association Agreement. This agreement, which will require serious efforts from both sides, will bring real benefits for all our citizens."

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