EU-Ukraine free trade deal to boost chem flows

18 February 2008 11:48  [Source: ICIS news]

PARIS (ICIS news)--The EU and Ukraine began free trade talks on Monday that should lead to increased trade, especially in the chemicals sector.

EU trade commissioner Peter Mandelson and Ukrainian president Viktor Yushenko launched negotiations for a free trade agreement between the EU and Ukraine less than two weeks after the finalisation of Ukraine’s World Trade Organisation (WTO) accession process on 5 February.

Ukraine is currently the EU’s 25th largest export market and the EU is Ukraine’s biggest trading partner, ahead of Russia, and its largest export market.

In 2006, Ukraine’s total trade with the EU amounted to about €28bn ($41bn or 1.1% of total EU trade), with iron and steel, mineral products and chemicals accounting for 64% of exports to the EU, and machinery and equipment and chemicals accounting for 66% of EU exports to Ukraine.

Mandelson said that Europe was “an obvious partner for closer economic ties that will boost trade and investment”.

The commissioner said that the free trade deal would “lower the costs of EU imports for Ukrainian businesses and consumers, and increase Ukraine’s access to the EU single market, which is the largest in the world”.

($1 = €0.68)

By: Philippa Jones
+44 20 8652 3214

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