REUTERS
Annual trade turnover between the two countries in the next five years may increase to $20 billion, according to Ukraine's ministry.
First Deputy Prime Minister of Ukraine, Minister of Economic Development and Trade Stepan Kubiv during a Beijing meeting with Vice Premier of the State Council of China Liu He proposed to start joint consultations on the prerequisites for establishing a Ukraine-China Free Trade Area (FTA).
"For several years, Ukraine has significantly expanded its network of preferential trade regimes. There is a new free trade agreement with Canada. Moreover, negotiations on the creation of a free trade area with Israel have been completed. The talks on the FTA with Turkey are at their final stretch. We see the effectiveness of such agreements. Therefore, I propose that we start joint Ukrainian-Chinese consultations on prerequisites for the creation of a Ukraine-China free trade area," the ministry's press service quoted Kubiv as saying on November 8.
Trade turnover between Ukraine and China over the eight months of 2018 amounted to almost US$6 billion, which was 21% up year-over-year. At the same time, in the next five years, the figure may grow to $20 billion per year.
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The parties also discussed cooperation within the One Belt, One Road initiative by Chinese leader Xi Jinping, as well as cooperation in the field of traditional and alternative energy, infrastructure projects, industry, engineering, agriculture and agro-industry, innovation, etc.
As UNIAN reported earlier, China is among Ukraine's 10 major trade partners. The most popular staples of Ukrainian exports to China are food products.
In early December 2017, Ukraine and China signed a roadmap for the implementation of the Silk Road Economic Belt and the 21st Century Maritime Silk Road initiatives designed to strengthen economic cooperation between Europe and Asia.
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China's One Belt, One Road initiative envisages the development of trade relations between China and Europe. Chinese Ambassador to Ukraine Du Wei earlier said that the project would be impossible without Ukraine.
In future, the Silk Road's projects will be able to allow Ukraine to avoid Russia's restrictions on transit supplies to Central Asian countries.