Yearlong lift of EU duties takes effect for Ukraine

MOSCOW. June 6 (Interfax) - Regulations 2022/870 of the European Parliament and the Council of the European Union on temporary trade liberalization that lift duties on imports from Ukraine took effect on Saturday, Ukrainian mass media said with the reference to the Economy Ministry.

"This decision broadens the opportunities provided to our exporters by the EU-Ukraine Association Agreement. Now the tariffs envisaged by the agreement will temporarily be suspended," the ministry said.

This is a matter of duties on industrial products, the suspension of entry prices for fruit and vegetables and all tariff quotas for agricultural produce, as well as the suspension of anti-dumping duties on Ukrainian imports and global protective measures against Ukrainian goods, the ministry said.

Trade liberalization implies Ukraine's compliance with European regulations: origin of goods and related procedures under the Association Agreement; refraining from any new restrictions on imports from the EU; Ukraine's respect for democratic principles, human rights and fundamental freedoms, the rule of law, and the fight against corruption.

"These new rules will stay in effect for one year and will help Ukrainian manufacturers and exporters strengthen their positions on the European market," the ministry said.

Currently, the EU is a major trade partner of Ukraine. The EU accounted for 39% of the overall Ukrainian trade in 2021. The trade turnover grew 35% to $62.5 billion, it said.

First and foremost, Ukraine exports non-ferrous metals, ore, electric vehicles, oil and grain to the European Union.