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Ukraine And EU Start talks On Free Trade

February 21, 2008

This was announced by the President of Ukraine Viktor Yuschenko and EU Commissioner for Trade Peter Mandelson after their meeting in Kyiv.

Yuschenko noted that when Ukraine was signing the three-year agreement with the European Union in 2005, its goals were to obtain the status of a country with a market economy, accede to the WTO, sign an enhanced agreement with the EU, and also form a free trade zone.

“I am pleased to say that this has been realized by three-fourths. We are committed to this process,” the President said.

Yuschenko added that, as of today, the EU is the Ukraine’s trade partner number one, and it is the European Union which is the source of the major part of investments.

He reminded that the level of goods turnover between Ukraine and the European Union makes up USD 32 billion, which “obliges us to think about development of relations.”

Yuschenko also said that today sees a remarkable event – the start of official talks on creation of a free trade zone with the European Union.

In his turn, Mandelson noted that this is a very important day not only for Ukraine but for the European Union as well. “I think this is a good sign, that the EU is also committed to the idea of creating a free trade zone with Ukraine,” he said.

According to the EU Commissioner, the free trade zone is to become the main issue of the new enhanced agreement between Ukraine and the EU. In his opinion, this will be of importance not only for trade and economic relations but also for the Ukraine’s eurointegration.

The free trade agreement will reduce expenses for imports from the EU for Ukrainian enterprises and consumers, and will also promote Ukraine’s access to the single market of the EU, which is the world’s largest.

This agreement will become a part of the new enhanced agreement between the EU and Ukraine, negotiations on which are already underway.

Also, the agreement on free trade between the EU and Ukraine is a part of a broader policy of the EU aimed at creation of a stable and thriving European circle of neighbours by way of deepening economic ties.

Ukraine currently holds the 25-th place among the export markets of the EU. The European Union is the first trading partner of Ukraine, followed by Russia.

It should be reminded that the negotiations on the free trade zone were to start with the arrival of the EU Commissioner.

Tags: trade