EU lawmakers support extension of food imports from Ukraine, with restrictions

Regulation & Compliances
Published Apr 24, 2024

Tridge summary

The European Parliament has approved a one-year extension of tariff-free trade for Ukrainian agricultural products until June 6, in an effort to support Ukraine's economy amidst Russia's invasion. However, new restrictions have been added to address concerns from EU farmers, leading to a decrease in the expected revenue from Ukrainian exports to the EU. The tariff liberalization, which initially started in June 2022, will be a temporary measure ahead of a long-term agreement expected to be established from June 2025.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

STRASBOURG (Reuters) - The European Parliament voted on Tuesday (23) in favor of a one-year extension of tariff-free trade for Ukrainian agricultural products, while introducing new restrictions on the level of imports to ease protests of EU farmers. Parliament voted by 428 votes in favor, 131 against and 44 abstentions in favor of the extension, which will now be applied from June 6, after overcoming this last procedural obstacle. BECAUSE IT'S IMPORTANT The tariff liberalization, which dates from June 2022, is designed to help keep Ukraine's economy afloat as it fights off Russia's invasion. The restrictions mean Ukraine will earn 331 million euros ($353.2 million) less from exports to the EU than in 2023, compared with 240 million in an original European Commission proposal, according to EU diplomats. CONTEXT What could have been a routine extension, initially proposed in January, turned into a prolonged debate over the new restrictions as protests by EU farmers grew, notably in ...
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