17:34 03.05.2017

Ukraine reserves right to initiate revision of WTO membership terms for next three years

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Ukraine reserves right to initiate revision of WTO membership terms for next three years

Ukraine has reserved the right to initiate a review of its obligations to the World Trade Organization (WTO) on customs duties for the next three-year period, which will begin on January 1, 2018.

"To improve the system of customs and tariff regulation and to get the opportunity to review tariff obligations in the WTO at any time during the next three-year period (2018-2020), Ukraine has reserved the corresponding right in accordance with Article XXVIII of GATT 1994," the Ministry of Economic Development and Trade said, with reference to the document.

The agency notes that despite all the positive factors of accession to the WTO in recent years economic conditions in the country have changed significantly, there has been a decline in production in certain sectors of the economy, the hryvnia has devaluated, etc.

"In addition, the annexation of Crimea and the events in the east of Ukraine affected the conditions of economic activity and trade, which puts on the agenda the introduction of comprehensive economic reforms and the use of all available mechanisms for transforming the Ukrainian economy from raw to innovative," the report says.

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