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Cabinet officials

Ukraine and EU Strengthen Economic Ties Amid Pandemic Recovery

Strategic Insights

— 1 min read

Ukrainian Minister of Economic Development, Ihor Petrashko, and EU Ambassador, Matti Maasikas, engaged in a crucial discussion to enhance mutually beneficial trade and economic cooperation between their nations. The heart of their conversation centered on adaptive quarantine exit strategies, exchange of experience, and economic recovery after the COVID-19 pandemic. Key to this approach is Ukraine's adaptive quarantine recovery plan, divided into 5 stages, which aims to preserve and create new jobs while facilitating the export of agricultural products to foreign markets. The European Union remains Ukraine's primary trading partner, with trade turnover increasing by 5.5% in 2019 to USD 45.7 billion, highlighting the importance of their relationship.

Key Takeaways:

  • Ukraine has introduced an adaptive quarantine recovery plan, consisting of 5 stages, to combat the COVID-19 pandemic and restore economic growth.
  • The Ukrainian government is working to ensure a constant exchange of experiences with other countries regarding COVID-19 containment, economic recovery, and business support.
  • The Ministry of Economic Development is focused on updating the Association Agreement between Ukraine and the EU to address international trade difficulties and eliminate technical barriers to trade.
  • Public procurement is a priority discussion area between Ukraine and the EU, with the aim of supporting local production amid the global economic crisis.
  • The largest importers of Ukrainian products are Poland, Italy, Germany, the Netherlands, and Hungary, amounting to USD 20.8 billion in exports in 2019.
  • Ihor Petrashko emphasized the importance of Ukraine's current trading relationship with the EU, with a significant increase in trade turnover (5.5% in 2019 compared to 2018).
  • The Ministry of Economic Development is working on a draft regulation for public procurement to ensure international obligations are respected and to support local production.

Statistics:

  • Trade turn-over between Ukraine and the EU in 2019: USD 45.7 billion.
  • Increase in trade turnover between Ukraine and the EU from 2018 to 2019: 5.5%.
  • Exports from Ukraine to the EU in 2019: USD 20.8 billion.
  • Agreement on Conformity Assessment and Acceptance of Industrial Products expected to be concluded to remove technical barriers to trade.
  • Draft regulation for public procurement being prepared by the Ministry of Economic Development.

Sources:

  • Al Bawaba (Albawaba.com)

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