November 30, 2021

EU trade relations are key to Ukraine’s success

This 24 August marked the thirtieth anniversary of Ukraine’s independence, and I used to be proud to signify the European Fee within the celebrations.

The European Union is Ukraine’s trusted ally on its political and financial journey, with an unwavering dedication to growing nearer financial, trade and funding ties.

The EU-Ukraine Deep and Complete Free Trade Space (DCFTA) is a cornerstone of our partnership. It has introduced spectacular outcomes throughout its 5 years of utility: our bilateral trade has grown by greater than 51 p.c, consolidating the EU’s place as Ukraine’s primary trade accomplice.

Ukraine has turn out to be the fourth greatest exporter of agri-food merchandise to the EU, to the good thing about Ukrainian agricultural producers.

The story of Ukrainian sunflower-seed oil is an effective instance of the potential of Ukraine agricultural prowess: after the EU underneath the DCFTA eliminated tariffs on this product, Ukrainian exports have greater than doubled, reaching €1.2bn in 2020.

However the DCFTA is a “deep and comprehensive” settlement which implies that its potential advantages go a lot past trade liberalisation.

More and more aligning Ukraine’s regulatory framework to that of the EU can enhance bilateral trade and enhance Ukraine’s international competitiveness. It could possibly take away prices and complexities for firms and make Ukraine extra engaging for EU and third nation buyers.

It could possibly additionally give simpler entry for Ukraine to international markets, since many buying and selling nations world wide apply EU requirements.

Implementing such vital reforms clearly pays off. Ukraine is not any stranger to going nice lengths for its residents. Its efforts to obtain visa liberalisation bore very concrete outcomes.

To try this took political braveness and energy, however delivered excellent outcomes: Ukrainians can now enter 149 nations visa-free.

Unbiased management

Nonetheless, there’s nonetheless some street forward. So as to enhance the enterprise local weather and appeal to extra international funding, Ukraine should proceed to do every thing potential to sort out corruption and the affect of oligarchs.

Key establishments should have robust and unbiased management, and have the opportunity to do their work freed from undue political or financial interference.

We welcome president Volodymyr Zelensky’s robust dedication to sort out oligarch affect in Ukraine’s political and financial life.

The DCFTA additionally has a key position to play as a car to help Ukraine’s structural and systemic reforms. The potential of the present settlement ought to nonetheless be absolutely utilised, notably by aligning with and imposing the EU acquis.

That is additionally the angle from which we strategy the continued critiques foreseen within the settlement.

As regards additional sectoral cooperation with Ukraine, the EU stays dedicated. In that respect, the Affiliation Settlement can embody new areas, resembling these coated by the European Inexperienced Deal.

For instance, there are vital alternatives in our Strategic Partnership on Crucial Uncooked Supplies and Batteries, and the strategic alliance launched final July by signing a Memorandum of Understanding between the EU and Ukraine is a proof of this.

Inexperienced Deal

The financial relations between Ukraine and the EU can solely thrive and prosper in a world of open trade, pushed by secure guidelines.

The respect and compliance with worldwide trade guidelines is ever extra vital right now, the place protectionist tendencies are on the rise, notably within the wake of the Covid-19 pandemic.

Protectionism is a race to the underside and advantages no nation. We rely on Ukraine to work with us to preserve world trade open and resilient.

Nonetheless, as we’ve got seen more and more within the final years, we now face one other unprecedented problem, that of local weather change affecting us all.

The current floods in central Europe and the extreme drought in south-eastern Europe, together with in Ukraine, are additional proof that local weather change is actual and that may solely be addressed collectively.

The European Fee lately printed a complete plan to sort out local weather change. That is additionally a possibility for Ukraine to enroll to formidable, concrete targets to struggle local weather change.

The EU stays dedicated to assist Ukraine on this endeavour, by way of each recommendation and monetary help. We are going to bear in mind Ukraine’s efforts when implementing our technique.

The centered dialogue on the EU Inexperienced Deal and Ukraine Inexperienced Transition, which was kick-started final Could, is an effective platform for this function.

Residents

Ukraine’s future lies within the fingers of its residents – the overwhelming majority of whom imagine a stronger democracy and a greater future are greatest ensured by larger integration with the European Union.

The European Union stands by Ukraine as a dedicated and trusted accomplice. Strengthening our trade ties means strengthening our political ties, transferring us ever nearer collectively.

One thing that each Ukraine and the EU can profit from significantly.

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