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You're reading: Government initiating creation of agency for exports support

The Cabinet of Ministers of Ukraine has drawn up a bill on the creation of an agency for exports support and will send it to the parliament for approval, First Vice Premier of Ukraine Valeriy Khoroshkovsky has said.

“The agency will provide government guarantees for exporters when
they receive investments and promote their products abroad,” he said in
an interview with the Den newspaper.

“I hope it will be passed by the end of this parliamentary session,” he added.

As reported, in late October 2011 the government submitted to the
parliament a bill on state financial support for export activity (bill
No. 9373), which foresees a creation of the State Financial Institution
on National Exports Support.

In May 2012, the law was adopted in spite of considerable criticism
from parliamentary experts. In particular, according to the conclusion
of main juridical management of the Verkhovna Rada, among the
significant flaws of the law is the non-transparency of the procedures
for the adoption of decisions to provide state financial support to
definite business entities, and the draft’s not being in line with WTO
rules on subsidies and compensation measures.

Moreover, according to the main juridical department, the concept of
the bill and its constituent articles do not meet the standards of the
Constitution and Ukrainian law. The bill contradicts the conceptual
bases of the legal regulation of state finances, insurance and the work
of financial establishments.

Ukrainian President Viktor Yanukovych vetoed the law and on July 5 the parliament finally rejected it.

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