The renewed trade regulation between the EU and Ukraine will economically harm the war-ravaged country, despite Europe’s enthusiasm to help Kiev hold the fort against the Russian advance.
among EU negotiators to extend trade incentives for Ukraine for another year has been projected as a major win for the war-ravaged exporter of agricultural and steel products, there’s an elephant in the room.
There are no gloom and doom predictions for Ukraine’s export industry yet. The provisional agreement will let Kiev export goods to the European Union without duties and quotas until June 2025, thus allowing the $190 billion economy to sustain itself amid a drawn-out war with a much stronger adversary Russia.
The latest deal renews that regulation, which will be effective until June 5, 2025, to ensure the “continued suspension” of all outstanding customs duties and quotas. Imports make up a relatively small portion of EU agri-food consumption, he says. “However, if the negative impacts are concentrated on specific products and certain EU countries, it might be more cost-effective to compensate the affected farmers directly rather than limiting overall imports from Ukraine,” he says.
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