Ukraine to Enter the EU Single Market

by Olha Povaliaieva
Thursday, January 19, 2023
Ukraine to Enter the EU Single Market

Zelenskyy decided to create a contact group to negotiate and conclude an agreement on Ukraine's accession to the single market

On January 19, a statement on Ukraine's decision to become part of the EU single market was published on the portal of the Ministry of the economy of Ukraine. On January 17, president Volodymyr Zelenskyy instructed the relevant government departments to create a group for negotiations with the European Union and the subsequent participation of Ukraine in the EU single market program.

Participation in the single market will allow Ukraine to become part of the European investment of €4.2 billion over the course of 7 years and will become one of the steps on Ukraine's path to the EU.

"The program should help facilitate access to markets, create a favourable business environment, promote business development and growth, and ensure the competitiveness and sustainability of companies and entire sectors of the economy (combination of ecosystems, clusters). It will help develop the business environment, including mentoring schemes. Among other things, it is expected to participate in the European enterprise network, Erasmus for Young Entrepreneurs, joint cluster initiatives," the Ministry of the economy of Ukraine.

Main directions of financing

  • 24% (≈ €1 billion) to strengthen the position of small and medium-sized enterprises;
  • 13% (≈ €546 million) for the implementation of unified systems of European statistics.
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