Ukraine increased trade with the EU amid falling exports to other countries

In Ukraine last year increased the volume of exports of goods to EU countries. This is noted in the European Union representation in Kiev, commenting on the report of the state statistics for the year since the entry into force of the Association agreement between the EU and Ukraine.

“Even despite the fact that this increase remains negligible (+3,7%), he stated that the agreement, especially the creation of deep and comprehensive free trade area, brings has the benefit of Ukraine”, – emphasized in the representation.

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There’s also a note that for the sold goods of Ukraine received 13.5 billion dollars, and the growth of trade with the EU is on the background of reduction of export to other countries is 8.9%. Figure with Russia again rapidly decreased by 25.6%. “As a result, the EU is currently the largest partner of Ukraine export: it accounted for 37.1% of total exports of Ukraine in 2016 (exports from Ukraine to Russia is only 9.9% of the total volume). Taking into consideration also the imports, the overall level of trade between Ukraine and the European Union increased by 8.1 per cent,” emphasize the representatives of the European Union.

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They also draw attention to the fact that in the future there will be “a significant increase in trade between the EU and Ukraine” and the free trade area is fully implemented within seven years. “Especially Ukrainian exports will benefit from the harmonization of regulations and standards with the European. Such deep integration of legislation in the field of food safety and consumer protection, and harmonization of standards for industrial, agricultural and consumer goods, will open the EU market much more than tariff reduction. It also requires from the Ukrainian authorities for the huge efforts in the speedy advancement in the implementation of reforms. The Association agreement is a tool that should be used by the Ukrainian government (through legislative and institutional changes) and business (through modernization and adaptation). The EU will continue to stand side by side with Ukraine in this process”, – emphasized in the EU delegation.

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Recently, Dutch researchers have estimated the profits from the agreement on free trade area EU-Ukraine and came to the conclusion that such cooperation will have a positive impact on the economy, despite the fact that the predicted growth effect is small. This is stated in the report of the study group SEO Amsterdam Economics, which was established at the faculty of Economics of the University of Amsterdam.