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EU, Ukraine Prepare To Ratify Association Agreement

by Ulrika Lomas, Tax-News.com, Brussels

08 September 2014


The European Union and Ukraine have confirmed that they will simultaneously ratify their bilateral Association Agreement during the European Parliament's session on September 15-18.

The Ministry of Foreign Affairs of Ukraine issued a statement on August 30, 2014, confirming the deal. Both sides are eager to complete the deal before the expiry of EU Regulation No. 374/2014 of April 16, 2014, which provides for the reduction or elimination of customs duties on goods originating in Ukraine for a temporary period, until no later than November 1, 2014.

Under the terms of the Association Agreement, the two sides will progressively establish a free trade area over a transitional period of a maximum of ten years, starting from the date the agreement enters into force. Both sides will be prevented from introducing new customs duties and other taxes, some tariffs will be immediately repealed, and others will be gradually phased out.

The ratification of the pact was agreed during a meeting in Brussels between the President of Ukraine, Petro Poroshenko, and President of the European Parliament, Martin Schulz. Schulz will visit Ukraine on September 12 in a show of solidarity towards Ukraine, Ukraine's Ministry of Foreign Affairs said.

The European Union also published, in the Official Journal of the European Union, on August 30, 2014, the Council Decision of June 16, 2014, to provisionally apply additional Association Agreements with Moldova and Georgia, in OJ L 260 and OJ L 261, respectively.

TAGS: tax | export duty | law | tariffs | Georgia | Moldova | import duty | trade | Ukraine | free trade zone | Europe

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