Poroshenko has signed the law simplifies the trade with the EU

Ukraine will be able to strengthen trade relations.

President Petro Poroshenko has signed the law On Ukraine’s accession to the Regional Convention on pan-Euro-Mediterranean preferential rules of origin.

“Joining the Convention will help to simplify the terms of trade and increase of export potential of Ukraine, will strengthen trade relations and economic integration with the European Union”, – stated in the message.

As noted, the Convention establishes identical provisions on origin of goods traded States concluded free trade agreements, and provides for the possibility of diagonal cumulation, i.e., enables its member countries to use raw materials and components to each other, not only national while maintaining preferential terms of trade.

To date, the Convention has 24 Contracting parties, 6 of which already have free trade agreements with Ukraine (EU, EFTA, Montenegro, Macedonia, Moldova, Georgia). Even with the two States parties to the Convention (namely with Turkey and Israel) in the ongoing negotiations on free trade.

See also: Fitch Ratings has predicted the inflation rate in Ukraine

The next step to make full use of advantages of the Convention is the amendment of the appropriate existing agreements on free trade in part of replacement protocols in the rules of origin of goods.

© 2017 – 2019, paradox. All rights reserved.