The EU has agreed on a new compromise regarding "visa-free trade" with Ukraine

Ukraine

Regulation & Compliances

Published Mar 29, 2024

Tridge summary

European Union member states have decided to extend duty-free trade benefits to Ukraine for an additional year, aiming to support the country while addressing concerns from EU farmers about the impact of Ukrainian food imports on their markets. The agreement introduces a mechanism for potentially reinstating tariffs on certain Ukrainian food imports to prevent market oversupply, based on 2021 data, but does not include wheat restrictions despite some countries' demands. This compromise seeks to balance aiding Ukraine with protecting EU agricultural interests and awaits approval from the European Parliament. The move is part of broader efforts to ensure Ukraine's continued access to the EU market amidst worries over increased competition and rising production costs for EU farmers.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

European Union member states have reached a difficult compromise to extend duty-free trade for Ukraine for another year, after a preliminary agreement by the EU Parliament and Council, as farmers from across the bloc protest against food imports from the war-torn country, Bloomberg writes. The deal reached by the bloc's ambassadors followed a previous deal with the European Parliament last week that proposed reinstating tariffs on some food imports from Ukraine in the event of an oversupply. It is noted that the base period that will be taken into account for the activation of the protective mechanism will be extended to the second semester of 2021 (previously, the average volumes for 2022-2023 were considered). The latest proposal does not include potential restrictions on wheat, despite demands from France, Poland and Hungary. "EU ambassadors agreed on a new compromise on the expansion of trade measures for Ukraine, which will ensure a balanced approach between supporting ...

Source: Unian