KIEV, Dec. 13 – If Ukraine had signed an association agreement with the European Union under the current conditions, this would have inevitably led to its economy's collapse and default due to dramatic increase in the trade deficit and insufficient foreign currency reserves, Prime Minister Mykola Azarov said.

"We want to agree with the EU on conditions for a transition period that would help level off our trade balance," Azarov said at a nationwide roundtable meeting under the slogan 'Unite Ukraine' on Friday.