Ukraine-EU Association takes full effect

The Ukraine-EU Association Agreement takes full effect
today, “an expcetionally important stage in bilateral relations,” Prime
Minister Volodymyr Groysman said on his Facebook page. The Free Trade Area has
been in effect for more than a year and a half, he said, during which the EU
has become Ukraine’s main trading partner, making up 41% of Ukraine’s foreign
trade. In 1H17, exports of goods and services to the EU grew 22.8% yoy,
reaching USD 9.4 bln.

Jean-Claude Juncker, the European Commission
president, issued a statement today congratulated the Ukrainian people for
their efforts to achieve the Ukraine-EU Association Agreement. “I thank all
those who made it possible: those who stood on the Maidan and those who are
working hard to reform the country for the better. This is a day of celebration
for our European continent,” Juncker said.

The Ukraine-EU Association Agreement was signed by
Ukrainian President Petro Poroshenko in June 2014 after it was rejected in November
2013 by former Ukrainian President Viktor Yanukovych, an event that triggered
the EuroMaidan revolt. In April 2016, Dutch citizens voted to reject the
agreement, forcing EU leaders to find a compromise to satisfy its opponents in
a separate addition to the document. However, experts said that most of the
compromise points were already address in the agreement. It was finally
ratified on July 11, 2017 by the EU Council after getting approval from all
member-states.

Zenon Zawada: The biggest
benefit from the Association Agreement will be Ukraine’s gradual adoption of
judiciary standards that will introduce rule of law to a country where it’s
almost non-existent. This lack of rule of law has made Ukraine a very difficult
place to invest and do business. The agreement consists of specific targets
that will have to be implemented within a specific timetable. The agreement
will also introduce higher standards to many other spheres of Ukrainian life,
ranging from food safety to the banking sphere.