Ukraine, EU Finalize Free Trade Agreement Text
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Ukraine, EU Finalize Free Trade Agreement Text

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Ukraine, EU Finalize Free Trade Agreement Text PR Newswire KYIV, Ukraine, July 19, 2012 KYIV, Ukraine, July 19, 2012 /PRNewswire/ -- U k r a i n e and the EU finished editing and coordinating approvals of the second - economic - part of the Association

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Ukraine, EU Finalize Free Trade Agreement Text
PR Newswire KYIV, Ukraine, July 19, 2012
KYIV, Ukraine,July 19, 2012/PRNewswire/ --Ukraineand the EU finished editing and coordinating approvals of the second - economic - part of the Association Agreement between the parties. They completed technical and legal work on the section of the document that regulates the introduction of the Deep and Comprehensive Free Trade Area by the signees, according to the EU Trade Spokesman John Clancy's statement made forukrinform.ua. th The agreement will be initialed inBrusselsonJuly 19, 2012, said Clancy. The next stage is translation of the document in official EU languages (23) and other technical processes that prepare the document for signing. "The decision on whether to sign the Agreement will depend on the political situation in the country," mentioned Clancy. "Once this part of the agreement is initialed, the basis for the Free Trade Area formation betweenUkraineand the EU may be considered to have been formed," said Maria Yurikova, Deputy Head of EU Delegation toUkraineonJuly 12, 2012. InMarch 2012,Ukraineand the EU initialed the select pages of the political and economic parts of the Association Agreement. The introduction of the Deep and Comprehensive Free Trade Area comprises the economic part of the document. The Association Agreement creates a framework for cooperation and stipulates establishing closer economic, cultural, and social ties between the signees. The 170 page political part of the agreement regulatesUkraine- EU relations on the political level. The economic part of the Association Agreement concerns the introduction of the free trade and covers all trade-related issues. It regulates the questions of competition, customs, energy, intellectual property, public procurement, services, and sustainable development. The provisions are set to improve investment climate inUkraineand help develop business cooperation between the two regions. "The EU believes that closer economic integration (in the overall context of a political association) can be a key factor in economic growth forUkraine," statesec.europa.eu. In 2011, the volume of Ukraine-EU trade constitutedUSD 44 billion, reported the Chairman of the State Customs Service of Ukraine Ihor Kaletnyk in March of 2012. After 21 rounds of negotiations over the Association Agreement,Ukraineand the EU finalized the negotiating process onDecember 19, 2011. Association talks betweenUkraineand the EU started onMarch 5, 2007.