Partial removal of import duties could be worth almost €500m.
The European Commission has today (11 March) unilaterally opened up some of its markets to Ukrainian exports, in an effort to help Ukraine’s economy.
The Commission put the value of the measures at almost €487 million a year.
The decision means that a range of agricultural and industrial goods, as well as textiles, will be able to enter the EU without import duties until at least 1 November.
Most of the benefits – around €330m – are expected to be seen in the agricultural sector.
Karel De Gucht, the European commissioner for trade, said that the measures were an attempt to help Ukraine before it signs a full free-trade agreement with the European Union.
The trade deal has been negotiated and only needs signing.
However, the EU leaders last Thursday (6 March) decided not to push for immediate completion of the deal because of the political tensions it raised.
In November, Ukraine’s then president, Viktor Yanukovych, refused to sign either the trade deal or a political agreement with the EU on the grounds that it would harm the Ukrainian government. The Russian government also argued that the deal would damage Russian manufacturers, opening a backdoor onto the Russian market for European exporters.
The EU has fiercely denied the claims.
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Yanukovych’s decision brought protestors onto the streets, starting a three-month showdown that led to his flight from Kiev on 21 February. Russia continues to regard Yanukovych as Ukraine’s legitimate president.
The European Union last week approved an €11 billion package of financial support for Ukraine over seven years.
Around €1.6bn of that package is, however, contingent on Ukraine agreeing a package of reforms with the International Monetary Fund in exchange for emergency funding.