Eu, ukraine agree on wto entry
17 January 2008 Filed in: key stories
Published in Business Week
The European Union said Thursday it has cleared the final hurdles in talks about Ukraine's accession to the World Trade Organization adding it will soon open talks for a comprehensive free trade accord with Kiev.
The European Union said Thursday it has cleared the final hurdles in talks about Ukraine's accession to the World Trade Organization adding it will soon open talks for a comprehensive free trade accord with Kiev.
At a London meeting late Wednesday, EU Trade
Commissioner Peter Mandelson and Ukrainian Vice Prime
Minister Hryhoriy Nemyrya "sealed the final terms of
the agreement" clearing the way for Ukraine's entry
into the WTO, Mandelson said in a statement.
The EU was the last trade partner to have reservations about Ukraine's WTO membership.
"Today's agreement clears the way for Ukraine fully to join the world trading system," Mandelson said. "This is the first step toward greater Ukrainian integration with the global and the European economy."
He said the EU will soon begin negotiations for "a comprehensive free trade agreement with Ukraine."
The EU completed the bulk of its negotiations with Ukraine in 2003. It has since worked, together with others, to secure on Ukrainian guarantees for cuts in export duties on some raw materials.
The EU is the Ukraine's largest trading partner and its largest market.
In 2006, it absorbed 25 percent of Ukraine's exports, worth 8.7 billion euros ($12.9 billion), and accounted for 42 percent of Ukrainian imports, worth euro17.8 billion ($26.3 billion).
Last year, the EU proposed tailor-made package of economic and other incentives for Ukraine through a special program that pulls neighbors close without making them EU members.
A key condition for participation in the neighborhood program is that Ukraine join the WTO. Membership in the WTO guarantees Kiev better access to the world markets and will improve its ability to attract new trade and investment.
The EU was the last trade partner to have reservations about Ukraine's WTO membership.
"Today's agreement clears the way for Ukraine fully to join the world trading system," Mandelson said. "This is the first step toward greater Ukrainian integration with the global and the European economy."
He said the EU will soon begin negotiations for "a comprehensive free trade agreement with Ukraine."
The EU completed the bulk of its negotiations with Ukraine in 2003. It has since worked, together with others, to secure on Ukrainian guarantees for cuts in export duties on some raw materials.
The EU is the Ukraine's largest trading partner and its largest market.
In 2006, it absorbed 25 percent of Ukraine's exports, worth 8.7 billion euros ($12.9 billion), and accounted for 42 percent of Ukrainian imports, worth euro17.8 billion ($26.3 billion).
Last year, the EU proposed tailor-made package of economic and other incentives for Ukraine through a special program that pulls neighbors close without making them EU members.
A key condition for participation in the neighborhood program is that Ukraine join the WTO. Membership in the WTO guarantees Kiev better access to the world markets and will improve its ability to attract new trade and investment.