Ukraine counts on support of WTO General Council late July on temporary imports duty
Ukraine has finished consultations with the World Trade Organization (WTO) Committee on Restrictions on the temporary imports duty imposed from February 25, 2015 to improve the country's balance of payment, the Economic Development and Trade Ministry has reported.
"This week the committee plans to finally approve the report where the positions of all WTO members will be presented. The next phase is the submission of the report for discussion by the WTO General Council that could be passed at a meeting scheduled for late July," reads the ministry's press release.
The ministry said that at the previous meeting of the committee representatives of the International Monetary Fund (IMF) said that Ukraine had to introduce this temporary restriction due to tense political situation and deepening of the economic crisis in H2 2014.
"The major part of WTO members said that the measures taken by Ukraine are related to the difficult situation with the balance of payment and they were introduced in line with WTO agreements. Russia, the only WTO member, which did not join the consensus in the issue," the ministry said.
The ministry said that the report of the commission does not foresee any steps in WTO, while WTO members supported Ukraine's decision to revoke the measures no later than the planned date – late December 2015.
During the consultations Ukraine has provided explanations that the early revoking of the imports duty could be discussed if the country's forex reserves reach the three-month imports level.