17:03 22.04.2014

EU's decision to reduce customs duties for Ukrainian goods comes into force

2 min read
EU's decision to reduce customs duties for Ukrainian goods comes into force

The European Union's decision on the unilateral reduction of customs duties on Ukrainian products brought to the EU market has come into force.

"Customs duties on products produced in Ukraine should be reduced or eliminated," reads the official bulletin of the EU.

It is expected that trade preferences for Ukraine will take effect within two weeks after publication.

As reported, on April 14 the European Council approved the decision of the European Commission to unilaterally reduce customs duties on Ukrainian goods on the European market.

The matter, in particular, is about to begin to unilaterally reduce or eliminate EU customs duties on goods produced in Ukraine. In addition, these measures are not aimed at replacing the free trade area and will be valid for a limited period of time until November 1, 2014.

After the entry into force of this decision, such unilateral measures will establish preferential access to the EU market for Ukrainian exporters in full accordance with the schedule of concessions that have been achieved in negotiations on a free trade area. Ukraine, in turn, should not provide additional access for exports from the EU.

It is assumed that the temporary elimination of customs duties will be full or partial, depending on the sector, and will save EUR 500 million.

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