The European Union's decision on the unilateral reduction of customs duties on Ukrainian products brought to the EU market has come into force.
“Customs duties on products produced in Ukraine should be reduced or eliminated,” reads the official bulletin of the EU.
It is expected that trade preferences for Ukraine will take effect within two weeks after publication.
The matter, in particular, is about to begin to unilaterally reduce
or eliminate EU customs duties on goods produced in Ukraine. In
addition, these measures are not aimed at replacing the free trade area
and will be valid for a limited period of time until Nov. 1, 2014.
After the entry into force of this decision, such unilateral measures
will establish preferential access to the EU market for Ukrainian
exporters in full accordance with the schedule of concessions that have
been achieved in negotiations on a free trade area. Ukraine, in turn,
should not provide additional access for exports from the EU.
It is assumed that the temporary elimination of customs duties will
be full or partial, depending on the sector, and will save euro 500
million.
