The Cabinet of Ministers at a meeting on October 21 approved a draft law on the abolition of extra import duties from January 1, 2016, the press service of the Ministry of Economic Development and Trade has said, with reference to minister Aivaras Abromavicius.

"As we promised businesses, from January 1, 2016 temporary import duties of 5% and 10%, which helped us stabilize the country's balance of payments, will be canceled," the minister said.

The bill on the invalidation of the law on measures to stabilize Ukraine's balance of payments in accordance with Article XII of the General Agreement on Tariffs and Trade 1994 will be submitted to the Verkhovna Rada for consideration in the near future.

According to the minister, temporary additional import fees were applied as one of the instruments to achieve macroeconomic stabilization. In particular, thanks to the introduction of these compulsory measures the balance of payments has improved and the consequences of foreign markets instability for the Ukrainian economy have been mitigated.