Ukraine Israel Free Trade Agreement

The free trade agreement between Ukraine and the EFTA states (Switzerland, Norway, Iceland and Liechtenstein) was signed in Reykjavik, Iceland, on 24 June 2010; ratified by Ukraine`s Law 4091-VI of 7 December 2011 and came into force on 1 June 2012. This agreement covers trade in goods (industrial, agricultural, fish and sea production), services and dispute resolution. Given the difference between the levels of economic and social development between Ukraine and EFTA member states, the agreement is the principle of the parties` asymmetric commitments, which allow Ukraine to adapt its trade with EFTA countries to free trade conditions. The free trade agreement between the Government of Ukraine and the Government of Montenegro was signed in Kiev on 18 November 2011 and ratified by Ukrainian Law No. 5445-VI of 16 October 2012; Effective January 1, 2013. This agreement deals with trade in goods, services and dispute resolution. In accordance with the provisions of the agreement after it enters into force, Montenegro provides for the abolition of import duties. In order to avoid possible negative consequences for Ukraine`s economy, the Ukrainian side has excluded, as part of the agreement, a number of sensitive groups of agricultural products from the free trade area. Ukraine`s right to apply export duties, in accordance with existing WTO obligations, is also maintained.

The two countries signed the free trade agreement in January this year and it was ratified by the Ukrainian parliament last month. He said the figure would increase significantly as a result of the signing of the free trade agreement. Two other documents were signed as part of the agreement to provide the Ukrainian side with technical and financial assistance to adapt to the new terms of trade, namely the agreement on the bilateral agricultural cooperation programme between the Ministry of Agricultural Policy and Food of Ukraine and the Swiss State Secretariat for Economic Affairs; and the joint declaration on fisheries cooperation between the National Fisheries Authority of Ukraine, Iceland`s Ministry of Fisheries and Agriculture and the Norwegian Ministry of Fisheries and Coastal Affairs. Free trade agreements promote the free movement of goods and services between countries, which in turn encourage the attraction of investment, reduce import costs, develop domestic production and infrastructure, exchange experiences and technologies, employ the population, maintain taxes and royalties, and maintain close inter-governmental links.



Written by Brett Pierce - Visit Website

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