The Council of the European Union has endorsed additional trade preferences for Ukraine aimed at boosting the state’s economy under the bilateral association agreement, an EU source told Sputnik on Monday.
The Council adopted these preferences nearly two weeks after the European Parliament approved new temporary unilateral EU trade preferences for Ukraine in addition to the free trade zone created under the association agreement
Under the measure, Ukraine will be granted zero import tariffs for certain volumes of agricultural products including natural honey, processed tomatoes and wheat. To get the preferences, Ukraine will have to adhere to the same principles as those set out in the association agreement, including respect for democratic principles, human rights and basic freedoms. The Council of the European Union approved the 2014 EU-Ukraine association deal, as a final step of the ratification process, last week.
The trade preferences, expected to enter into force by September, will stay in effect for three years. The European Commission initially proposed the measure in March 2014 amid the complicated economic situation in Ukraine and its efforts to carry out economic reforms.