On May 24, a resolution was adopted to change the terms of trade relations between the EU and Ukraine. What has changed:
- All quotas and duties that have not yet been liberalized under the EU-Ukraine Association Agreement, Section IV, shall be suspended for one year. The decision applies to industrial goods, agricultural products, and agricultural products;
- Anti-dumping duties and the general export procedure are suspended.
These measures were taken to help Ukraine's economy recover from the devastating blows of war and build up momentum. We remind you that the United Kingdom also introduced the abolition of customs duties for Ukraine.
The share of exports of Ukrainian goods to the EU is 40%, which makes the Union the largest importer of goods from Ukraine. As of 2019, the total amount of transactions between Ukraine and the EU amounted to €43.3 billion, whereas exports — €19.1 billion. The largest export niches in Ukraine are metal (iron, steel, metal products) and agricultural products (sunflower, grain, oil, buckwheat, etc.).
