The Ministry of Economic Development of Ukraine realized that the terms of free trade with the EU should be revised

The Ministry of Economic Development and Trade (MEDT) of Ukraine is initiating the modification of the terms of free trade with the European Union, said Natalia Mikolskaya, Deputy Minister of Economic Development and Trade - Trade Representative of Ukraine.

The main task of the MEDT is to open up additional opportunities for free trade with the EU.

“It is already clear that the terms of free trade need to be revised. Negotiations on the creation of a free trade zone with the European Union ended quite a long time ago and now the conditions for access of goods to the Ukrainian and EU markets are outdated. This is provided for in the mid-term plan of the Ukrainian government. After all, the quotas that are spelled out in it and the exceptions to the agreement, as well as long transition periods for industrial goods, do not work for either the EU or Ukraine, "Nikolskaya said.

According to her, it is necessary to conduct a detailed analysis of the deepening of trade with the EU and determine the optimal format of cooperation in the short and long term - within the framework of a free trade zone (with viewing) or a customs union with the EU, as well as study the possible risks and the timing of their introduction.

“In accordance with the export strategy of Ukraine, the European Union is the number one focus market for Ukraine, so we are determined to further develop and deepen this cooperation,” noted Natalia Nikolskaya.

“It is important that already now we are looking at free trade in three dimensions: free trade, investments and additional instruments. Among the instruments that are already working, one can mention the industrial dialogue with the EU. We are completing joining the PanEuroMed convention. We also actively conduct trade missions with Ukrainian exporters to the EU. All this opens up additional opportunities for free trade with the EU, ”the Ukrainian trade representative explained.

According to the results of 6 months of 2017, the European Union is the main trade partner of Ukraine with a share of trade in goods and services of 39.9%. Exports to the EU amounted to US $ 9.4 billion and increased by 22.8% (or by US $ 1.7 billion).