EU-Ukraine Association Agreement to start applying in two stages (EU Council)

The Council of the European Union (EU) and the European Commission on Monday welcomed the ratification of the EU-Ukraine Association Agreement, saying such an agreement is to start applying in two stages.

According to the statement, the EU decision to delay until Jan. 1, 2016 the provisional application of the Agreement's title on trade and related matters, paving the way for the provisional application of much of the remainder of the Agreement to start on Nov. 1.

The EU-Ukraine Association Agreement, which aimed at removing trade barrier between the two sides, has been ratified by the Ukrainian Parliament and the consent given by the European Parliament on Sept. 16, and look forward to a swift completion of the ratification by all Member States.

As a concession to Russia, which fears that free trade between Ukraine and the EU would allow European products to flood Russia via Ukraine, the EU and Ukraine have agreed to delay the implementation of the free trade part of the deal until the end of next year.

As a temporary arrangement, the EU will unilaterally abolish custom duties on Ukrainian goods to support the weak economy of the country.

The Ukrainian side expects to reap big benefits from the temporary trade preferences, which will open EU market to Ukraine unilaterally. The treatment is estimated worth 500 million euros (647 US dollars) per year.
Sources: Xinhua - globaltimes.cn
29/9/14
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