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Yanukovych signs law on ratification of free trade agreement with CIS

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Aug. 9, 2012, 7:40 p.m. | Ukraine — by Interfax-Ukraine

Ukrainian President Viktor Yanukovych
© www.president.gov.ua

Ukrainian President Viktor Yanukovych has signed law No. 5193-VI on the ratification of the free trade area agreement with the CIS.

The president signed the document on Aug. 9, 2012, according to his press service.

As reported, on Oct. 18, 2011 in St. Petersburg, the prime ministers of the CIS member states, including Ukrainian Prime Minister Mykola Azarov, signed an agreement setting up a free trade area with CIS member states.

The Verkhovna Rada, Ukraine's parliament, ratified the agreement on July 30.

The implementation of the agreement is expected to facilitate GDP growth by 2.5%, reads the document.

"Thus... the increase in one integral indicator alone – gross domestic product - will be about Hr 37.5 billion. The additional increase in receipts to the national budget could amount to around Hr 9.4 billion per year," reads the report.

In particular, the report states that the additional growth in agriculture could be 3.86%; in the food industry 3.36% (due to the high level of cooperation and removal of sanitary and phytosanitary barriers and the abolition of antidumping measures in mutual trade); in the light industry by 3.11% (by clearing access of Ukrainian commodities to the CIS markets); steel making and production of ready-made metalware by 4.2% (due to the elimination of export duties, including those on fuel and better access of goods to the CIS markets); in the chemical and petrochemical industry by 4.75% (by increasing productivity in Ukraine and an increase in demand for petrochemical products, including tires and plastics); the engineering industry by 7.19% (due to the fact that Russia and other CIS states are key markets for Ukrainian goods).

"The increase in production in all of the key economic activities when the free trade area is set up will also have an impact on the service sector: trade will get an additional 3.01% of the sector's output, and transport 2.87%," reads the document.

Among the main advantages of the signing of the agreement on a free trade zone are setting obligations on the non-increase of duties on goods excluded from the free trade regime, stipulating the international state agreement on obligations not to use new restrictions in mutual trade, establishing deadlines for the abolition of import exemptions, setting out cuts in export duties, reducing the number of agreements on trade and economic relations with the CIS countries, and solving trade disputes within the mechanisms and procedures used by the WTO.

According to an explanatory note to the bill, "the creation of a free trade zone within the CIS and its further functioning is the priority task for the CIS member states and is foreseen in the Strategy of the CIS Economic Development until 2020, which was approved by the CIS Heads of Governments Council on Nov. 14, 2008."

The Kyiv Post is hosting comments to foster lively debate. Criticism is fine, but stick to the issues. Comments that include profanity or personal attacks will be removed from the site. If you think that a posted comment violates these standards, please flag it and alert us. We will take steps to block violators.
blueriver Aug. 9, 2012, 7:40 p.m.    

Readers did you her this latest news: Yanukovuch has signed a new agreement that none of the Party of Regions are allowed to associate / name / be in the same company / with a Ukrainian ladies by the name of Yulia.

When one of his ministers asked why Mister President , he was fired

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IvanovPetrovSidorov Aug. 9, 2012, 8:18 p.m.    

Well done Vitya! You know it makes sense! Congratulations Ukraine! Welcome to the party!

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af veth Aug. 9, 2012, 8:44 p.m.    

EU treaty now dead for ever.....:-)

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kpxoxol Aug. 10, 2012, 5:18 a.m.    

Finally the Ukraine people are going to live in the safety net provided by the REAL RICH countries like Russia and Kazakstan.

Soon Ukraine will become member of the Customs Union too - this is the ONLY way for Ukraine to survive the INEVITABLE DOWNFALL of the rotten west, heh, heh, heh :D

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from eu Aug. 10, 2012, 4:14 p.m.    

dear kpxoxol we are in crise in eu but milion of eu people are doing like me,for ex. i have a house on a croatia island, i'm building a villa with swimming pool with 26 sotchi of land in ukraine and i have bought an old volga 21 and refitted and a lada 2107 to use in ua,in march i stay 2 weeks with my ukrainian wife in new york,new orleans and san francisco,and remember milion of eu people do like me buying houses all over the world,making luxury cruises,so for to show you that we are in crise but with a lot of own money..........pay attention to your dowfall,that for eu shall never happen, eu people has factories in russia,china,india,tunisia,moroc,brazil, argentina,vietnam,albania,usa etc. so if eu downfall,all the world downfall back to eu

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