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11 Mar 2014
EU agrees on temporary tariff cuts on exports from Ukraine
FXStreet (Łódź) - EU finance ministers, who hold a meeting today in Brussels, agreed on the first aid measure for Ukraine, which after ousting president Viktor Yanukovych two weeks ago and setting up a new government has been hit by a severe economic and political crisis.
European Commission President Jose Manuel Barroso announced on Tuesday that the EU would offer up to 500 million euros per year for the distressed country.
"Last Thursday, the EU Heads of State and Government welcomed the 11 billion euros package of support to Ukraine presented by European Commission,” Barroso said. “The Commission is moving ahead fast with the implementation of this support package, and today has adopted the first of the foreseen measures – a set of trade provisions that will represent an economic benefit to Ukraine of around 500 million euros per year.”
The money will come from temporary removal of custom duties on Ukrainian exports to EU countries.
EU Trade Commissioner Karel De Gucht said that a free trade agreement would be signed with Ukraine by November this year.
European Commission President Jose Manuel Barroso announced on Tuesday that the EU would offer up to 500 million euros per year for the distressed country.
"Last Thursday, the EU Heads of State and Government welcomed the 11 billion euros package of support to Ukraine presented by European Commission,” Barroso said. “The Commission is moving ahead fast with the implementation of this support package, and today has adopted the first of the foreseen measures – a set of trade provisions that will represent an economic benefit to Ukraine of around 500 million euros per year.”
The money will come from temporary removal of custom duties on Ukrainian exports to EU countries.
EU Trade Commissioner Karel De Gucht said that a free trade agreement would be signed with Ukraine by November this year.