EU to suspend all tariffs and quotas on Ukrainian exports for one year

27 April, 06:38 PM
The European Union wants to abolish tariffs to support the Ukrainian economy (Photo:REUTERS/Yves Herman)

The European Union wants to abolish tariffs to support the Ukrainian economy (Photo:REUTERS/Yves Herman)

In a bid stimulate Ukraine’s economy, the European Union intends to remove all quotas and tariffs on Ukrainian goods coming into the bloc for one year, the European Commission said in a press release on April 27.

“The proposal, which is an unprecedented gesture of support for a country at war, would also see the suspension for one year of all EU anti-dumping and safeguard measures in place on Ukrainian steel exports,” the message reads.

Once enacted, the measure will help grow Ukrainian exports to the EU, stimulating Ukraine’s industry.

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The commission’s President, Ursula von der Leyen, said that the unprovoked and unjustified war Russia is waging on Ukraine is doing serious harm to the Ukrainian economy.

But the lifting of tariffs is expected to “...greatly facilitate the export of Ukrainian industrial and agricultural goods to the EU,” says von der Leyen.

“We continue to stand by Ukraine in these dire times.”

According to EU’s Trade Commissioner Valdis Dombrovskis, “the EU has never before delivered such trade liberalization measures.”

Before coming into force, the proposal will have to pass thorough the European Parliament and the Council of the European Union.

The EU is Ukraine’s largest trading partner: in 2021, Ukraine exported and imported around $29 billion worth of goods.

Earlier, the UK cancelled all tariffs on Ukrainian trade.

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