Ukraine and EU Strengthen Economic Cooperation Amid COVID-19 Crisis

Strategic Insights -

The Ukrainian government and the European Union's delegation led by Ambassador Matti Maasikas have strengthened economic cooperation, focusing on mutually beneficial trade, economic growth, and exchange of experience on adaptive quarantine exit. Ukraine's Minister of Economic Development, Ihor Petrashko, emphasized the importance of ensuring food security and smooth export of agricultural products to foreign markets. The European Union remains Ukraine's main trading partner, with a trade turnover of USD 45.7 billion in 2019, a 5.5% increase from 2018.

Key Takeaways:

  • The Ukrainian government has introduced an adaptive quarantine recovery plan consisting of 5 stages to tackle the COVID-19 pandemic and promote economic recovery.
  • The plan involves the exchange of experiences with other countries to curb the spread of the pandemic, support businesses, and preserve and create new jobs.
  • The European Union remains Ukraine's main trading partner, with a trade turnover of USD 45.7 billion in 2019, a 5.5% increase from 2018.
  • The largest importers of Ukrainian products in 2019 were Poland, Italy, Germany, the Netherlands, and Hungary.
  • Ukraine hopes to update the Association Agreement between Ukraine and the EU to address the challenging situation in international trade.
  • Removing technical barriers to trade with the EU is another priority for Ukraine, aiming to conclude an Agreement on Conformity Assessment and Acceptance of Industrial Products.
  • The Ukrainian government is working on a draft regulation for public procurement rules that align with international obligations and support localized production amid the global economic crisis.

Statistics:

  • Trade turnover between Ukraine and the EU increased by 5.5% in 2019 compared to 2018, reaching USD 45.7 billion.
  • Exports from Ukraine to the EU amounted to USD 20.8 billion in 2019.

Sources:

  • "The Minister of Economic Development, Trade and Agriculture of Ukraine Ihor Petrashko met with the Ambassador of the European Union, Head of the EU Delegation to Ukraine Matti Maasikas." (Source: Government of Ukraine)