EU Ambassadors Agree to Extend Trade Preferences for Ukraine and Moldova until 2025
EU ambassadors have endorsed the European Commission's proposal to extend the preferential trade arrangements for Ukraine and Moldova without changes, which provides for the suspension of import duties and quotas for another year - until 5 June 2025, but also contains safeguards for agricultural products to protect the EU market from falling prices.
This is stated in the press release of the EU Council.
"Russia's unprovoked and unjustified aggressive war against Ukraine continues to have a profound negative impact on both Ukraine and Moldova. By agreeing to renew these measures, we are demonstrating our unwavering support for Ukraine and Moldova, while protecting our internal market from excessive imports of certain sensitive agricultural products," said Hajia Lahbib, Minister of Foreign Affairs, European Affairs and Foreign Trade of Belgium.
By reintroducing these measures, the EU will continue to support and stimulate trade flows from Ukraine to the EU and the rest of the world, and will contribute to creating the conditions for stronger economic and trade relations leading to Ukraine's gradual integration into the EU's internal market.
On 31 January 2024, European Commissioner for Trade Valdis Dombrovskis submitted two proposals to the EU Council to renew the suspension of import duties and quotas on Ukrainian and Moldovan exports to the EU for another year.
In turn, the Committee of Permanent Representatives approved the text of the Commission's proposal without any changes in order to reach an agreement in the first reading with the European Parliament.
After that, the European Parliament's Committee on International Trade (INTA) intends to vote on the proposal at its meeting on 7 March 2024.
The European Parliament intends to adopt its position on the first reading at one of its plenary sessions in April 2024.
The rules will then be adopted by the Council of the EU, signed by the representatives of the Council and the European Parliament and published in the Official Journal before entering into force.