Deputy Minister of Economy and Ukraine’s Trade Representative, Taras Kachka, announced that the recent renewal of the Free Trade Agreement (FTA) between Ukraine and the European Union has resulted in a significant increase in export quotas for sensitive agricultural products. This marks a key development in Ukraine’s trade relations with the EU, which has been a cornerstone of its economic strategy since the country’s independence. The new terms, effective from June 6, 2024, surpass the previous arrangements under the autonomous trade preferences (ATM) that were in place since 2022, offering Ukraine greater access to the EU market.
According to Kachka, the expanded quotas are expected to have a positive impact on Ukraine’s agricultural sector, which is a vital part of its economy. The increased export capacity could lead to higher revenues for Ukrainian farmers and businesses, while also enhancing the country’s food security. Additionally, the agreement is seen as a step towards stabilizing Ukraine’s trade relations with the EU amid ongoing geopolitical tensions. The move also reflects the EU’s interest in maintaining a stable and reliable supply of agricultural products from Ukraine, a major supplier of grain and agricultural goods.
The agreement comes at a time when Ukraine is seeking to diversify its trade partners and reduce dependence on other markets. With the EU being one of its largest trading partners, the expansion of export quotas under the FTA is a significant achievement. Kachka emphasized that the deal not only supports Ukraine’s economic growth but also strengthens its position in global agricultural trade. The renewed agreement is expected to have long-term economic benefits for both Ukraine and the EU, fostering further cooperation and mutual interests in the agricultural sector.