02−04 November 2022

IEC, 15, Brovarsky Prospect
Kyiv, Ukraine


27 June 2014

Ukraine signed a free-trade and economic cooperation agreement with EU

The document was also signed by European Council President Herman Van Rompuy, European Commission President Jose Manuel Barroso, and the heads of the EU member states.


"The Association Agreement is an instrument of preparations for our future accession to the EU. The EU is not only an association of individual countries. Rather, the EU is an idea, it is compliance with European standards," the Ukrainian leader said.


Economic chapter of the Association Agreement with European Union covers the following important fields of cooperation. First, an enhanced economic cooperation is provided by establishing a deepened and strengthened free trade area between the EU and Ukraine. Moreover, specific sectoral; cooperation in over 30 areas, for example in the fields of agriculture, industry, energy supply and consumer protection; launching new ways of cooperation, providing funds and building up a platform for a civil society.


Ukraine's economic development minister Pavlo Sheremeta said that  Ukraine has goods to ring to the European Union market when the Agreement on the Deep and Comprehensive Free Trade Area (DCFTA) signed between Ukraine and the European Union takes effect.


At the same time, EU goods and services will be able to sell more easily and cheaply to businesses and consumers in Ukraine.


European Commission experts estimate implementation of the deal is expected to boost Ukraine's national income by around 1.2 bn euros ($1.6 bn) a year.


Since 2011, the main vector of the overseas trade had shifted. Countries of Europe became the major trading partners of Ukraine. According to the official statistics, in 2013 trade exchange between Ukraine and Europe exceeded trade volume with Russian Federation.


In 2013, total imports of goods to Ukraine set 76,96 bn USD, with 28,5 bn USD, or 35,1% share of import from European countries. Ukraine imports European mechanical machines, transport, pharmaceuticals, electrical machines, plastic materials and polymers, paper and cardboard, food and beverages, agricultural equipment and so on.