EU-Ukraine free trade deal comes into effect
Pro-European Union activists carry a big EU flag as they march against the government in Kyiv, Ukraine, Tuesday, Dec. 17, 2013 (AP)
Russia has taken retaliatory measures, suspending its free-trade agreement with Ukraine and banning the import of Ukrainian food
Ukraine’s free-trade agreement with the European Union came into force on January 1, coinciding with the start of Moscow’s food embargo against Kyiv.
The free-trade deal, signed in June 2014, is part of the broader EU Association Agreement and stands at the heart of the drastic deterioration of Ukraine’s relations with Russia.
The deal grants Ukraine tariff-free access to the EU’s giant market and is expected to boost Ukraine’s struggling economy.
Watch also Poroshenko says Ukraine ‘ready to pay the price’ of loss of free trade deal with Russia
The European Commission said in a statement of December 31 that “the agreement will contribute to the modernization and diversification of the Ukrainian economy and will create additional incentives for reform.”
Finally ! Despite Russia waging war agst, trade part of EU-Ukraine Association becomes operational 1 January 2016 https://t.co/VEc0TwZcV6
— Jacek Saryusz-Wolski (@JSaryuszWolski) December 31, 2015
Ukraine, whose market has been traditionally oriented toward Russia, will now have to turn itself toward the European market and adapt to EU standards and rules.
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