11:51 01.09.2015

Additional imports duty to be revoked on Jan 1, 2016 – economy minister

2 min read
Additional imports duty to be revoked on Jan 1, 2016 – economy minister

The additional imports duty will be revoked on January 1, 2016, as was planned when it was introduced, the Economic Development and Trade Ministry of Ukraine has reported, referring to Minister Aivaras Abromavicius.

"After the latest meetings with representatives of the NBU [National Bank of Ukraine], Finance Ministry and WTO [World Trade Organization], there is a consensus to revoke the additional imports duty on January 1, 2015 as it was planned earlier," he said.

Earlier, the ministry said that it would analyze the effect of the additional import duty on the economy. Abromavicius also said that the additional import fee could be scrapped ahead of schedule.

The ministry said that the additional imports duty was an element of the general macroeconomic package of measures designed to improve the balance of payment: the fall in global prices of major Ukrainian exports – ferrous metals and products made of them, fertilizers, grains, etc – along with the large export-orientation of the Ukrainian economy resulted in the worsening of the recession and macroeconomic disproportion.

"The preliminary results of the effectiveness of the duty show that it had a positive influence on achieving macroeconomic stabilization in the state. The measures taken improved the state of the balance of payment and help to mitigate the shock consequences of turbulences on the foreign markets seen today," the ministry said.

In January-February 2015, the deficit of the current account was $600 million, in March-June its surplus was $616 million. In June the surplus of the current account grew to $361 million, and for the first time since the beginning of the year the balance of trade had a surplus.

Abromavicius said that the general economic effect of the additional imports duty is assessed at up to $1 billion thanks to a reduction of imports.

"As the extraordinary and forced measures, the additional imports duty achieved its goal," he said.

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