On June 27, 2014, Ukraine signed the economic part of the Association Agreement with the European Union. Petro Poroshenko, President of Ukraine, signed the Agreement on behalf of Ukraine, and Herman Van Rompuy, European Council President, Jose Manuel Barroso, European Commission President, the heads of countries and governments of the EU member-countries, signed the document on behalf of the European Union.
Thus, taking into account the already signed political part of the Association Agreement dd. March 21, 2014, Ukraine concluded the full Association Agreement with the EU.
As a reminder, the European Commission estimates increasing of 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. Due to liberalization of customs duties and regulatory approximation to the EU standards, Ukraine will receive a free access to the EU market. According to the Agreement terms, the EU will continue gradually lowering all customs tariffs and quotas for Ukraine, and the Ukrainian laws, rules and regulations will be harmonized with the European ones in various sectors of trade. The exports of Ukrainian commodities to the EU is expected to increase by 1 bln EUR per year.
