The European Commission has completed negotiations with Ukraine on the main principles of the revision of the free trade area between Ukraine and the EU after the end of the preferential regime for Ukrainian exporters by June 5, 2025.
This was announced by European Commissioner for Trade and Economic Security Maroš Šefčovič during a conversation with journalists in Brussels on June 30, European Truth reports.
"We are pleased to announce that the Commission and Ukraine have reached an agreement in principle on the revision of our bilateral Deep and Comprehensive Free Trade Agreement following the conclusion of the consultation process under Article 29. This agreement opens a new chapter in trade relations between Ukraine and the EU," said Šefčovič.
He said that the new version of the agreement "establishes a long-term, predictable and mutually beneficial framework that will benefit exporters, businesses and farmers on both sides, and will strengthen Ukraineʼs path to EU membership".
The agreement, in particular, contains Ukraineʼs commitment to gradually approximate its agricultural production standards to EU standards by 2028, in line with the goals of EU accession.
- In late April, the European Union reported that it did not plan to extend the “trade visa-free regime”, which was in effect until June 5. Instead, the bloc plans to ensure a smooth transition to a new scheme, where all terms of trade liberalization will be enshrined in a free trade agreement between Ukraine and the EU.
For more news and in-depth stories from Ukraine, please follow us on X.