1 January 2016 marked the provisional application of the EU – Ukraine Deep and Comprehensive Free trade Area (DCFTA). The DCFTA is one part of the EU – Ukraine Association Agreement, which was signed in June 2014. The EU-Ukraine Association agreement covers political and economic cooperation, bringing the EU and Ukraine closer together.
The DCFTA differs slightly from usual free trade areas in its deep and comprehensive element; this part foresees that Ukraine will adopt most norms and standards of the EU internal markets for industrial, consumer, food and agricultural products, but also competition rules, intellectual property, public procurement and services. Its aim is to reduce tariff and non-tariff barriers between the EU and Ukraine and encourage trade and investment in both directions. Ukrainian businesses will receive preferential access to the largest market in the world with 500 million customers, while EU businesses will be able to benefit from easier access to the Ukrainian market and build new relationships with Ukrainian suppliers.
See how Ukrainian businesses have been preparing for the DCFTA:
More videos here:
A good start to 2016 for EU-Ukraine relations!
Press Release – 31 December http://trade.ec.europa.eu/doclib/press/index.cfm?id=1425
Benefits of the EU-Ukraine DCFTA http://trade.ec.europa.eu/doclib/docs/2015/december/tradoc_154128.pdf
Mythbuster on the Trilateral ( EU / Russia / Ukraine) Trade Talks http://trade.ec.europa.eu/doclib/docs/2015/december/tradoc_154127.pdf
Infographic on benefits of the DCFTA for Ukraine and the EU : https://twitter.com/Trade_EU