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EU-Ukraine Free Trade Deal Boosts Trade

by Ulrika Lomas, Tax-News.com, Brussels

03 January 2017


The European Union and Ukraine have hailed the benefits of the Deep and Comprehensive Free Trade Area (DCFTA) applied as part of their Association Agreement.

The EU and Ukraine held the third meeting of their Association Council on December 19. The Council underlined the importance of both the Association Agreement and the DCFTA.

The DCFTA has been provisionally applied since January 2016. The Association Council said that the agreement has already increased the trade volume between the EU and Ukraine by 7.5 percent in the period October 2015-September 2016 compared to the previous year.

The DCFTA aims to boost trade in goods and services between the EU and Ukraine by gradually cutting tariffs and bringing Ukraine's rules in line with the EU's in certain industrial sectors and agricultural products. Once the DCFTA is fully implemented, Ukraine and the EU will eliminate respectively 99.1 percent and 98.1 percent of duties in trade value.

Ukraine has benefitted from the EU's Generalised System of Preferences (GSP) since 1993. Following the provisional application of the DCFTA, these GSP preferences will be phased out at the end of 2017.

During the Association Council meeting, the EU noted the prospects for possible additional trade opportunities for Ukrainian exports to the EU beyond the trade concessions included in the DCFTA. It envisages these arising in the context of the European Commission's proposal for additional concessions in the form of autonomous trade measures.

TAGS: European Commission | free trade agreement (FTA) | tariffs | trade treaty | agreements | trade | European Union (EU) | Ukraine | Europe

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