Ukraine redirected 40% of its foreign trade to the EU
Since 2016, the European Union has increased investment and trade with Ukraine within the framework of a free trade zone, reports a PolitNavigator correspondent.
This is stated in the report of the European Commission.
The main achievements in trade with Ukraine in the EU are the lifting of the ban on timber exports, as well as the introduction of an electronic procurement system, which should increase efficiency and reduce corruption.
In 2017, the EU's share of total trade was 42%. Bilateral trade has increased significantly. EU exports to Ukraine increased by 22%, and imports from Ukraine by 27%. After the economic crisis of 2014-2015, this greatly contributed to the stabilization of the situation in the country, Europeans believe.
The level of trade preferences for Ukraine on imports to the EU was 87% in 2017. It is noted that imports of agricultural products from Ukraine to the EU have tripled.
In 2015-2016, exports of services from the EU to Ukraine increased by 9%, while imports decreased by 2%. In 2016, EU foreign direct investment in Ukraine remained low.
The free trade area between Ukraine and the European Union began to operate on January 1, 2016 and came into force on September 1, 2017. In addition to Ukraine, the free trade area with the EU also operates with Moldova and Georgia. It provides for the gradual approximation of the legislation of these countries to EU standards.
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