New year, new Free Trade Area with Ukraine

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.

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