Europe to Sign Free Trade Agreement with Ukraine on June 27

The Council of the European Union finalised technical preparation for an Association Agreement with Ukraine, with the intention of expanding free trade areas to Georgia and Moldova. 

‘The Council today adopted the legal acts empowering the EU to sign those parts of the agreement that have not yet been signed. It also endorsed provisional application of parts of the agreement, since ratification by all 28 EU member states is a long process. This includes the provisions on free trade, which are foreseen to be provisionally applied as of this autumn after the ratification by the Ukrainian parliament,’ reads a note published by the Council on Monday.  

According to another press release, the EU will sign the Association Agreement on 27 June 2014. In that occasion, it will also complete the signature process with Georgia and Moldova. 

‘The Agreements with all three countries foresee provisional application so that an impact may be expected to a large extent already prior to ratification by the European Parliament and EU member states, a process that may take some time to complete,’ the European Commission wrote on Monday, adding that the EU will work with the three partners to bring about reforms and stimulate investments.

As a result, businesses in the three countries will trade with only one restriction: their products have to be in line with EU standards.     

‘Through tariff liberalisation and above all regulatory approximation, Ukraine will take advantage of new trading opportunities and easier access to the EU market. It can expect to reap the benefits of its firm commitment to a path of institutional and economic reforms.’