Ukraine wants to renegotiate the terms for the signing of its Association Agreement with the European Union, as it fears that its signing will affect the country's economy, in particular farming and engineering, Ukrainian President Viktor Yanukovych has said.

"If we look at the sectors, the most vulnerable sector of our economy is farming. If the agreement were signed as it is, it would create a lot of difficulties in the farming industry. We must protect the agricultural market," he said at a roundtable meeting with three former presidents of Ukraine in Kyiv on Tuesday.

He said that if Ukraine opens its market and gives it to Europe, there should be certain conditions.

"What do we get in return? Will there be compensation? What will they be?" Yanukovych said.