Last year, Ukrainian business, which continued to operate, covered 50% of national budget expenditures. Ukraine exported goods worth USD 44.1 billion, which accounted for a third of budget revenues. The Ministry of Economy of Ukraine is focused on further trade liberalisation, signing new free trade agreements and opening new markets. This was stated by Yuliia Svyrydenko, First Deputy Prime Minister of Ukraine and Minister of Economy of Ukraine, at the Exporters’ Summit held on March 16.
“Our task as a state is to support our exporters with access to markets, with simplification of all bureaucratic obstacles that may exist and, of course, with logistics issues. The European Union is our strategic partner, with a market worth USD 27.9 billion last year. Undoubtedly, duty-free trade should be enshrined in the EU accession document. Also this year, we expect to sign a free trade agreement with the UAE and update the agreement with Canada on investment and services. At the same time, our priority is to join the Pacific Rim Free Trade Agreement (PRFTA), which includes Japan, New Zealand, Australia and others,” said Yulia Svyrydenko.
The First Deputy Prime Minister also noted the importance of signing a digital agreement with the UK this Monday. The deal will improve the regulatory environment and have a positive impact on cooperation in the digital economy. In addition, the state is focused on the continent of Africa in terms of trade liberalisation with the countries of this region.
Yuliia Svyrydenko stressed the importance of such a support tool as export risk insurance. Currently, the Ministry of Economy is working on legislative changes to increase the range of commodity items for insurance. The Government is also working on a mechanism for insuring military risks, including military risk insurance for investment projects and risk insurance for trade operations. The Government of Ukraine, together with the EU and the US, is working to develop a more unified mechanism for this instrument, as well as to improve Ukraine’s rating in the international market.
Taras Kachka, who also took part in the event, noted that 90% of the work in trade policy was about non-tariff or value-based issues.
“In intergovernmental relations, it is important to ensure the same vision for the future – in terms of sustainable development, climate, and other things. At the business level, this issue is regulated by certification and trade rules. Both businesses and authorities are evolving in these matters and, in fact, we need to understand that the only way to break into foreign markets today is to properly use the tools we have,” said Taras Kachka.
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