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Establishment of a free trade area (FTA) with the EU will open Ukraine access to European markets, economic development and trade minister of Ukraine Ihor Prasolov said during the conference "Foreign economic activity: new ways of partnership between business and government," ForUm correspondent reports.
According to the minister, it will be possible through the reduction of customs duties and the harmonization of requirements for quality goods.
"For domestic exporters, this will mean an increase in competitiveness and in demand for products. As for the Ukrainian domestic market, according to the reached agreements, the European Union refuses to use the export subsidies. This will create equal conditions of competition for our and European products on the domestic market," the official said.
He continued that in general, an association agreement with the EU involves the integration of the parties in various sectors of economic activity.
In addition, he said that given the national implementation of the European legislation, the expansion of product portfolio can be expected on the internal market, as well as reduction in prices of several products that can be produced only in the European Union (for example, some cheese and wine).
The EU remains the largest investors in the economy of Ukraine. As of the end of March of this year, investments from the EU amounted to 43.6 billion U.S. dollars. It is more than 78% of all investments in Ukraine.
Prasolov concluded that Ukraine expects the European Union to sign the agreement at the Eastern Partnership summit in Vilnius in November and, of course, the start of temporary application of the provisions of the FTA.