A Boost for Ukrainian Exports

by Evgeny Lazorenko
Friday, November 19, 2021

The conclusion of new Free trade agreements will provide development for Ukrainian trade

The conclusion of new Free trade agreements will provide development for Ukrainian trade

According to a study on potential free trade agreements with Egypt, Jordan and Tunisia, Ukraine's economy will benefit from the liberalization of trade in goods with these countries. In total, these three free trade zones will increase Ukraine's real GDP by more than 0.4% annually. The creation of the FTA will stimulate the efficiency of the economy by pushing the movement of factors of production in more competitive industries.

"Conducting a study on the economic impact of a potential free trade agreement for the Ministry is a mandatory step in the negotiations. I am grateful to our international and Ukrainian partners for the study, which confirmed that the conclusion of agreements with these countries will give a boost to Ukrainian exports," commented first deputy prime minister of Ukraine Yulia Svyrydenko.

Ukraine is interested in fully regulating trade in the Mediterranean region, North Africa, the Middle East, as well as with European countries within the framework of compatible trade parameters. The conclusion of a free trade zone with Egypt, Tunisia and Jordan will allow the construction of industrial production chains for the resale of goods on world markets. This is important in terms of removing trade barriers and increasing the strength of industrial ties, as these countries are part of the pan-Euro-Mediterranean convention on rules of origin.

Ukraine is currently on the verge of formal free trade zone negotiations with Tunisia and Jordan. In addition, a Ukrainian-Egyptian intergovernmental commission will be held in December, based on the results of which a joint political agreement on the start of negotiations is expected.

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