Agrinews

June 25, 15:00 Source: APK-Inform Views: 1256

Income of Ukraine after signing the Association Agreement with the EU to increase by over 1 bln EUR per year - EC

The European Commission estimates the planned boost of the income of Ukraine after signing the economic part of the Association Agreement with the EU at the level of 1.2 bln EUR per year, declared the press-service of the European Commission on June 23.

According to the announcement, the Association Agreement of Ukraine and the EU will create additional opportunities for trade through lowering of the current import duties. Due to customs tariff liberalization and above all regulatory approximation to the EU standards, Ukraine will get easier access to the EU market.

Through the Agreement Ukraine will progressively remove customs tariffs and quotas, extensively harmonise laws, norms and regulations in various trade-related sectors, and create the conditions for aligning key sectors of the Ukrainian economy to EU standards. The European Commission estimates suggest that the implementation of the EU-Ukraine deal is expected to increase the Ukrainian exports to the EU by 1 bln EUR per year.

“Sectors that would benefit the most are wearing apparel and textiles, food products, vegetable oil and non-ferrous metals. New market opportunities in the EU and higher production standards will spur investment, stimulate the modernisation of agriculture and improve labour conditions”, informed the EU officials.

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