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EU extends liberalized trade regime with Ukraine, adding some restrictions

Ukrainian grain
Ukrainian grain

EU ambassadors have agreed to extend the existing liberalized trade regime with Ukraine for another year, the Belgian presidency of the European Council announced via Twitter on March 27.

The message makes it clear that some restrictions were imposed on importing certain Ukrainian agricultural products.

Read also: How EU-Russia-Belarus trade changed in recent years

“EU Ambassadors agreed on a new compromise to extend trade measures (ATM) for Ukraine, securing a balanced approach between support for Ukraine and protection of EU agricultural markets,” the announcement said.

Read also: Ukrainian agricultural products damaged for third time at Polish border

The proposal will now be submitted to the European Parliament for consideration.

Read also: Ukraine tightens restrictions on grain exports

As reported by Euronews, the updated trade regime includes more measures to protect goods considered "sensitive," such as poultry meat, eggs, sugar, oats, corn, cereals, and honey. These items will be subject to tariffs if their exports from Ukraine exceed the average volumes over the last three years.

Preliminary estimates suggest that Kyiv would lose about EUR 330 million ($357 million) in annual revenue due to the restrictions.

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Read the original article on The New Voice of Ukraine