The European Union (EU) is to temporarily cut tariffs on Ukrainian exports until November 1, 2014. The EU has announced that it hopes in the meantime to sign the Deep and Comprehensive Free Trade Area (DCFTA) agreement with Ukraine. The College of Commissioners has agreed to a package put forward by Trade Commissioner which will see the EU open its doors to exports from Ukraine.
If the free trade agreement is not signed before 1 November 2014 the EU could prolong the use of the temporary tariff breaks past November 1 2014. The agreement would put in place a ‘one-way’ trade system that will allow for almost full preferential access for Ukrainian goods onto the EU market place.
