EU Parliament considered customs tariffs for Ukraine

The European Parliament has supported plans to reduce customs duties for Ukrainian exporters. The unilateral measure is intended to increase the viability of the Ukrainian economy by saving on customs duties of its producers and exporters.

Approximately 98 percent of customs duties on Ukrainian iron, steel, agricultural products and equipment manufacturing will be removed when crossing the borders of the European Union. Zero customs duties will cover 80 percent of agricultural exports and 94.7 percent of industrial goods, which certainly plays into the hands of the owners of these industries.

Parliament supported the plans by 531 votes to 88, with 20 abstentions. The abbreviations are planned to be installed and applied in May. However, in turn, Ukraine will have to reciprocate and reduce its customs duties on the products of the European Union.

Pavel Zalewski, Rapporteur of the EU Parliament, said: "The European Parliament has supported Ukraine's path towards the EU for many years. This is our first chance to demonstrate our support in practical terms."

To consolidate the decision, the European Council of Ministers must now give its formal approval. According to the head of EU foreign policy, Catherine Ashton, the final decision "will begin to apply within a few weeks."

The changes will apply in full from the moment they are finally officially approved by November 1, 2014, or until the entry into force of the EU-Ukraine Comprehensive Free Trade Association Agreement.