KYIV, June 6 – Regulation (EU) 2022/870 of the European Parliament and the Council on temporary trade liberalization measures, exempting Ukrainian exports from duties for a year, came into force on Saturday, the Ministry of Economy reported.

This decision complements the opportunities that our exporters have in accordance with the Association Agreement between Ukraine and the EU. Now the tariffs prescribed in the Agreement will be suspended," the agency said.

It clarified that the matter concerns duties for industrial products; suspension of the application of the entry price system for fruits and vegetables and all tariff quotas for agricultural products; as well as the suspension of antidumping duties on imports of goods originating from Ukraine and the application of global safeguard measures in relation to Ukrainian goods.

In turn, the liberalization of trade relations implies that Ukraine will comply with European rules: the origin of goods and related procedures under the Association Agreement; refraining from any new restrictions on imports from the EU; Ukraine's respect for democratic principles, human rights and fundamental freedoms, the rule of law, and fight against corruption.

These new rules will be in effect for a year and will help Ukrainian producers and exporters withstand the pressure of the war and strengthen their positions in the European market," the Ministry of Economy stressed.

It indicated that the EU is now Ukraine's largest trading partner. In 2021, the European Union accounted for 39% of the total trade volume of our state. The volume of trade increased by 35% and amounted to $62.5 billion. (om/ez)