Ukraine and Moldova 'strengthen' trade relations

Industry News | | MIC Customs Solutions |

Ukraine and Moldova have amended an FTA to strengthen trade ties and be more EU-facing in the future.

Ukraine and Moldova have signed a new protocol in order to amend an existing free trade agreement (FTA) between the two nations.

The prime ministers of the respective countries came together to ensure pan-Euro-Mediterranean preferential rules of origin will be implemented on trade across their borders.

There were a number of areas that required consultation between the two parties, but they managed to come to an agreement that suited both sides.

Prime minister of Ukraine Denys Shmyhal said: "This is a drastic change in trade relations. The transition to these rules of origin unites the Ukrainian and Moldovan Association Agreements with the EU into one system.

“A year ago, we took such a step with Georgia. Now, we are combining the trade regimes of all the countries of the Associated Trio with each other and with the EU."

He added that the system allows goods made from components originating in any of the countries covered by the agreement to be traded more easily.

It also represents a further step towards the Associated Trio’s bid to leave the Commonwealth of Independent States (CIS) trade deal and to become more EU-centric.

Prime minister of Moldova Natalia Gavrilița concurred with Mr Shmyhal’s view on creating a path towards better integration with the EU.

It was not just trade, but a selection of issues addressing bilateral relations that were discussed in the talks.

Cooperation on matters including the economy, energy, transport and gas transportation is expected as a result of the negotiations.