New trade agreement between Ukraine and the EU awaits approval by the European Commission – Vysotsky

The new trade agreement between Ukraine and the EU is awaiting final approval by the European Commission. This was announced by Deputy Minister of Economy, Environment and Agriculture Taras Vysotsky in an interview with Forbes. According to him, the parties have not yet reached a consensus on the volume of export quotas for sugar and bioethanol.

Vysotsky noted that it was possible to agree on an increase in quotas for almost all groups of goods. He emphasized that Ukraine is capable of exporting more sugar and bioethanol than provided for by the updated agreement, but the parties have not yet reached a consensus on the volumes.

According to the Deputy Minister, Ukraine was ready to fully open its market to goods from the EU on the condition of mutual opening of markets. However, as Vysotsky emphasized, it is important for the EU to protect its own farmers in certain segments. The new agreement will be valid until 2028.

As a reminder, on June 30, Ukraine and the EU signed an updated Agreement on a Deep and Comprehensive Free Trade Area. The document includes a mechanism to protect the EU market in case imports from Ukraine create difficulties for the European Union or individual member states. Under the terms of the agreement, Ukraine will be able to export more goods to the EU than before the full-scale invasion, but less than during the period of “visa-free trade”. For sensitive products such as eggs, sugar and wheat, quotas have been increased, but remain below peak import volumes to avoid destabilizing the European market. Less sensitive products will receive a moderate increase in access to the EU market, and some product categories will be fully liberalized.

Tags: EU, sugar, ethanol, Ukraine