The Cabinet of Ministers at a meeting on October 21 approved a draft law
on the abolition of extra import duties from January 1, 2016, the press service
of the Ministry of Economic Development and Trade has said, with reference to
minister Aivaras Abromavicius.
"As we promised businesses, from January 1, 2016
temporary import duties of 5% and 10%, which helped us stabilize the country's
balance of payments, will be canceled," the minister said.
The bill on the invalidation of the law on measures to
stabilize Ukraine's balance of payments in accordance with Article XII of the
General Agreement on Tariffs and Trade 1994 will be submitted to the Verkhovna
Rada for consideration in the near future.
According to the minister, temporary additional import
fees were applied as one of the instruments to achieve macroeconomic
stabilization. In particular, thanks to the introduction of these compulsory
measures the balance of payments has improved and the consequences of foreign
markets instability for the Ukrainian economy have been mitigated.
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