EU council approved new trade preferences for Ukraine
Ukraine gets a boost in its trade opportunities with the European Union as the Council of the EU approves new trade preferences, the organization’s website states. The Council’s decision finalizes the process for Ukraine, which occupies only 0.8% of the EU’s trade market while the EU is Ukraine’s largest trading partner.
The European Union has provided Ukraine with additional quotas for honey, cereals, processed tomatoes and grape juice. Some industrial goods will also enjoy more liberalized trade, including footwear, copper and aluminum products, and LCD screens, said trade representative Nataliya Mykolska on Facebook.
The quota for honey increased by 2,500 tons while processed tomatoes increased to 3,000 tons and grape juice went up to 500 tons. Oats increases to 4000 tons, wheat goes up to 65,000 tons, corn gets boosted to 625,000 tons, barley requirements go up to 325,000 tons, and cereals and processed grain got raised to 7,800 tons.
The preferences come into force in September 2017 and will last for three years.
"Today's decision allows us to increase the export of Ukrainian goods to the EU. Support for Ukraine and the strengthening of economic and political ties are our responsibility, especially in the conditions of the ongoing conflict on its territory," Estonian Foreign Minister Sven Mikser said.