During the year, Ukrainian goods will be exempt from duties and quotas in Europe. Thus, the EU will support the economy of Ukraine during the war.
The Council of the European Union has officially approved the decision on the temporary abolition of duties and quotas on Ukrainian goods, according to a statement on the website of the EU Council on Tuesday, May 24.
“This means that within a year the import duty on all Ukrainian exports to the European Union will not be paid. Thanks to these measures, the EU will be able to significantly support the economy of Ukraine,” the statement said.
The EU states that Russia’s war against Ukraine has had a devastating impact on the country’s production capacity, transport infrastructure and access to the Black Sea, as well as on greater opportunities for trade with the rest of the world.
According to the EU decision, the following were suspended for one year:
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all tariffs under Title IV of the Association Agreement between the EU and Ukraine established by the Deep and Comprehensive Free Trade Area (DCFTA) that have not yet been liberalized. The suspensions specifically include: industrial products that are subject to phase out until the end of 2022, fruits and vegetables that are subject to the entry price system, and agricultural products and agricultural products. agriculture subject to tariff quotas,
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collection of anti-dumping duties on imports from Ukraine,
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application of general import rules for imports originating in Ukraine.
The EU is Ukraine’s most important trading partner, accounting for more than 40% of its total trade in 2021. In turn, Ukraine is the EU’s 15th largest trading partner, accounting for about 1.2% of total EU trade.
Recall that at the end of April, the European Commission officially announced its initiative to suspend import duties on all Ukrainian exports to the EU for a year.
It was also reported that the UK would reduce to zero tariffs on all goods from Ukraine as part of a free trade agreement.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.