Photo from UNIAN
To take full advantage of preferences of the Ukraine-EU Deep and Comprehensive Free Trade Area, which became effective January 1, Ukraine needs billions of dollars in investment, according to Aivaras Abromavicius, Minister of Economic Development and Trade.
"One might say that the quotas [for the Ukrainian products] have been increased by 50%, meaning Europe has given way. But in fact, we need investment. We need billions of dollars in European and Asian investment in our country in order to export the goods to the European Union," the minister said.
As UNIAN reported earlier, the export of goods from Ukraine fell by 30.9% to $34.5 billion over 11 months of 2015 amid a sharp drop in production in Donetsk and Luhansk regions, and unfavorable conditions for Ukraine in key commodity markets.
Read alsoNew Year with Ukraine-EU DCFTAUkrainian exports to the EU hold a 34% share of total exports. Exports to Russia at the end of 2015 were at 12.7%.
The DCFTA has come into full force from January 1, 2016. It was assumed that a free trade regime between Ukraine and the European Union would take effect from October 2014. However, in September 2014, after consultations in Brussels between representatives of the European Commission, Ukraine and the Russian Federation, the parties have agreed to postpone the introduction of the provisions of the agreement until December 31, 2015.
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