On 4 July 2017, the European Union has adopted further trade measures in favor of Ukraine, confirming the informal agreement reached on 28 June 2017 between the ambassadors of the Union, the Parliament and the Council Presidency. These measures are aimed to support Ukraine’s economic recovery, to reduce preferential export of farm products and to fight against corruption.
In talks, MEPs approved most of the proposed new concessions. Only the volume of the additional quota for certain agricultural products was reduced. Namely, the new trade concessions were approved by 566 votes to 96 and 28 abstentions. The main trade measures in favor of Ukraine consist of:
- reducing preferential export of farm products like tomatoes, wheat, maize, barley;
- fighting against corruption, which is a condition for granting Ukraine preferential exports;
- the possibility for industry representatives, not just Member States, to request a report on possible measures protecting EU producers.
The European Union is Ukraine’s largest trading partner, whereas Ukraine accounts for 0.8% of the EU’s total trade.
Rapporteur Jaroslaw Walesa, member of the Group of the European People’s Party said: “the EU offers timely support for Ukraine, while addressing the concerns of our farmers too. By granting new concessions, we want to back ongoing reforms, strengthen small and medium enterprises and provide the necessary impetus for increasing trade flows. I hope this will prove to be both economically and politically advantageous to the people of Ukraine”.