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The Cabinet of Ministers is actively reforming the legal and manufacturing base in accordance with the European standards. However, this process is long and capital-intensive. Therefore, without the financial and advisory assistance from the European Union, Ukraine will not be able to bring the process of law reform to end. Preparations for the signing of the Association Agreement and the beginning of its implementation is a crucial during very difficult time for Ukraine. This was stated by Serhiy Arbuzov, First Deputy Prime Minister of Ukraine, after his meeting with the European Commissioner Yanush Levandovsky during his visit to Brussels, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.
"Ukraine is moving to the signing of the Association Agreement with the EU. Necessary laws and decisions of the government are being made. Ukraine is already preparing for the implementation of the Agreement. This is a crucial and very difficult time for our country. At this important moment, we need the support of the European Union," Arbuzov said.
The signing of the Agreement with the EU will be a noticeable signal to investors around the world, including the United States, demonstrating that they can and should work with Ukraine according to clear and transparent European rules.
Experts say the expected increase in the inflow of investments into Ukraine will translate into an increase in Ukrainian exports to Europe and other countries of the world. Ukraine will also receive a unique opportunity to accelerate modernization of its economy, to increase salaries of Ukrainians and to bring a new quality of life and social standards to the country.
Revitalization of trade between Ukraine and Europe will also be promoted by mutual cancellation of duties and other charges on the products resulting from the agreement. For example, under the Free Trade Zone agreement between Ukraine and the EU, the EU will reduce import duties almost to zero - for 98% of all our product items for the first year. In turn, Ukraine will also reduce fees during 5 years. But not by 15 times and almost to zero, as the EU, but to 2.75% on average. This means that Ukraine for a significant transition period will retain some level of protection from the influx of European goods.