// IP Marketing video - START// IP Marketing video - END

EU to extend €500mln of unilateral trade benefits to Ukraine

EU to extend €500mln of unilateral trade benefits to Ukraine

PanARMENIAN.Net - The European Commission agreed on Tuesday, March 11, to extend 500 million euros worth of unilateral trade benefits to Ukraine, removing import duties on a wide range of agricultural and other goods in an effort to support the Ukrainian economy, Reuters reports.

European Trade Commissioner Karel De Gucht said the decision would come into effect immediately and run until at least Nov 1 this year, by which time the European Union expects to have signed a full free-trade agreement with Kiev.

The total value of the benefits is estimated at 487 million euros a year, De Gucht said, with most of that (330 million euros) coming from the removal of import duties on agricultural and processed agricultural goods. Duties will also be removed on some industrial goods and textiles.

The decision is part of efforts by the EU to prop up Ukraine following the ouster of former president Viktor Yanukovych.

At the same time, the EU is trying to apply pressure on Russia to remove its forces from Crimea by imposing sanctions and other targeted measures on Moscow.

Related links:
 Top stories
The Armenian grandmaster beat Hikaru Nakamura of the United States to take the leader's position and become world's number 2.
The delivery of the latest weapons has been carried out in accordance with the intergovernmental agreement between the two countries.
For the 12th year in a row, Allstate Insurance has placed Glendale near the bottom of its list of U.S. cities with the safest drivers.
The construction of the mosque complex began in 2012, which was designed in accordance with classic Ottoman architecture.
Partner news