Attempt to replace Russian goods with European ones failed – Ukrainian official

Ukrainian economy collapses

The attempt to replace Russian goods with the European market failed. This was announced on Tuesday by the leader of the public movement "Ukrainian Choice" Viktor Medvedchuk.

"After four years of euro-reforms, amid billions of losses and hundreds of broken contracts, it became obvious that the Russian market, Russian investments, joint cooperation were, are and will be strategically important for the Ukrainian economy," he wrote on Facebook.

Medvedchuk recalled that according to the National Bank of Ukraine, in January-November 2017, Ukraine increased trade with Russia by 28.6%, and with the EU - by 27.6%.

Thus, the leader of the "Ukrainian Choice" noted, "by the end of the second year of the free trade area (FTA) with the European Union, Ukraine's trade with Russia is growing at a record pace," that is, "an attempt to replace them (the Russian market and investments - ed.) with FTA and the EU failed." According to Medvedchuk, this process can be explained by the fact that "the logic of economic processes has prevailed over the absurdity of the policy of European integrators."

Since January 1, 2016, the EU-Ukraine Agreement on an in-depth and comprehensive free trade area has entered into force. The document is part of the Agreement on the Association of the EU and Ukraine. Within the framework of the FTA, the EU introduced tariff quotas for Ukraine for 36 types of products, which Ukraine can sell without fees only in limited quantities. Once the quota is exhausted, import duties are introduced.

The Agreement on the Association of Ukraine and the EU entered into force on September 1, 2017. It regulates the gradual economic and political rapprochement between Ukraine and the EU countries.

According to the December statement of the Deputy Minister of Economic Development and Trade, Ukraine's trade representative Natalia Mikolskaya, Ukraine's export losses from breaking traditional trade ties with Russia from 2012 to 2016 exceeded $31 billion.

DONi News Agency

DONi News Bulletin

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