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Verkhovna Rada to consider increasing import duties on selected products by 12%

Verkhovna Rada to consider increasing import duties on selected products by 12%

19 November 2008

A bill was introduced to the Verkhovna Rada yesterday to increase customs duties by 12% on imported meat, animal and plant oil products, alcohol, clothes and cars. The initiative reportedly has the support of President Viktor Yushchenko and is not expected to violate WTO standards. Andrii Parkhomenko: The product groups mentioned in the draft law represent ~17% of Ukraine’s merchandise imports and if the legislation is approved, it should serve as a weighty measure to soften the current account imbalance (5.8% of GDP, as of 9M08). On the other hand, the measures should prop up inflation, especially in meat products, as Ukrainian producers are incapable of satisfying internal demand.

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