The EU Council has decided to extend temporary trade liberalization with Ukraine and other trade concessions for Kiev.
“The Council today approved regulations that extend the suspension of all customs duties, quotas and trade protection measures on Ukrainian exports to the EU for another year, until June 2024,” said a communiqué published Thursday in Brussels.
“The autonomous trade measures will certainly support Ukraine and at the same time provide the EU with a way to protect the domestic market if necessary from a significant increase in imports of certain agricultural products,” Johan Forssell, minister of international development cooperation and foreign trade for the Swedish presidency of the EU Council, commented on the ruling.
According to Brussels, these measures will help Ukraine maintain stable trade relations with the EU and protect the economy in difficult conditions. “Combined with extensive military, financial and humanitarian support, this is crucial to help Ukraine in its long-term recovery,” the EU Council felt.
The European Commission submitted a proposal to extend temporary trade liberalization, supplementing the trade benefits applicable to Ukrainian products, on Feb. 23, 2023. On 9 May, the European Parliament approved its position in the first reading. After the regulation is signed by representatives of the EU Council and the European Parliament, it will be published in the EU Official Journal and enter into force on June 6.
