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Ukrainian Government Supports Joining the PEM Convention

October 3, 2017
The Government of Ukraine supported the draft bill on joining the Regional Convention on pan-Euro-Mediterranean preferential rules of origin (Pan-Euro-Med or PEM Convention – ed.). The draft bill is to be adopted by the Ukrainian Parliament.

Joining the PEM Convention opens new trading opportunities for Ukrainian exporters, pointed out Stepan Kubiv, the First Vice Prime Minister of Ukraine. In 2016, the PEM Convention Contracting Parties accounted for 53 percent of Ukraine’s total exports, of which more than 40 percent went to the EU, 4.2 percent to Turkey, and 3.1 percent to Egypt. In the first half of 2017, the share of Ukrainian exports to PEM countries exceeded 50 percent with 40 percent of it going to the EU.   

Becoming a Contracting Party to the PEM Convention would allow Ukrainian producers to buy raw materials and components from EFTA states and Mediterranean countries as well as to export the end product to the EU without prejudice to the status of preferential origin, which provides for reduced or even zero customs duty rates.

According to Stepan Kubiv, joining the PEM Convention constitutes the priority interest for companies that produce automotive components, machine manufacturers, wood processing and furniture industries, as well as for textile enterprises, agribusiness, and footwear producers.

As of today, the PEM Convention includes the countries of the EU, the EFTA States (Switzerland, Norway, Iceland and Liechtenstein), Albania, Algeria, Bosnia and Herzegovina, Egypt, Israel, Jordan, Kosovo, Lebanon, Montenegro, Morocco, Palestine, Republic of Moldova, Serbia, Syria, the Faroe Islands, the former Yugoslav Republic of Macedonia, Tunisia and Turkey. Currently, Georgia is in the process of joining the Convention.

Source: www.kmu.gov.ua

Tags: export