The Association Committee in the trade area (ACTA) has decided to reduce and abolish import duties according to the Association Agreement between Ukraine and the EU. This opens a new stage in the free trade area with the European Union, transforming trade relations into a sustainable contractual format.
According to a representative in the Vice Prime Minister of Ukraine, this decision confirms the importance of the Ukrainian economy for the EU and supports the country's producers. Ukrainian exporters will be able to take advantage of the new trading regime this year, indicating a deepening of cooperation between the parties.
The updated document provides for the abolition or reduction of import duties and an increase in quotas for Ukrainian goods. The tariff quotas will apply until the end of 2025 with the possibility of reassessment in 2028 for further reduction of trade barriers.
'The decision is intended to develop trade relations and adapt the Ukrainian legislative framework to EU standards,' noted the Vice Prime Minister of Ukraine Taras Kachka.
The innovations take effect 15 days after approval. The decision is bilateral and is valid indefinitely, contributing to the further integration of Ukraine into the European market.
By adopting the decision to reduce and abolish import duties for Ukraine, ACTA opens new opportunities for Ukrainian exporters and promotes the deepening of trade relations with the European Union. This will enable Ukrainian producers to penetrate the European market more easily and stimulate the economic development of the country.