The European Commission has proposed the abolition of all European Union customs duties on Ukrainian products imported into the EU for a period of one year, in order to support the economy of the country under attack by Russia.
The proposal, which must be approved by the European Parliament and the 27 EU member states, “is an unprecedented move in support of a country at war,” the commission said in a statement.
The United Kingdom announced on Monday the abolition of customs duties on all products imported from Ukraine.
European Commission President Ursula von der Leyen said she decided to implement the measure after talks with Ukrainian President Volodymyr Zelensky. “We both agree on the vital importance of lifting tariffs in order to support the Ukrainian economy,” she said in a statement.
EU-Ukraine bilateral trade amounted to 52 billion euros last year, according to the Commission. The number has doubled since 2016.
But since the end of February and the start of the Russian offensive, Ukraine’s agricultural and industrial production has been severely damaged, as have its trade relations with the rest of the world, as Ukraine’s access to the sea has been blocked by the Russian navy.
Ukraine’s GDP will fall by 35% this year, according to the International Monetary Fund forecast published on April 19.
Source: Capital
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