Ukraine may raise import duties - adviser

10:14, 19 November 2008
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And impose quotas on a select range of imported goods

Ukraine, hit by declining exports and a rising trade deficit, may raise import duties and impose quotas on a select range of imported goods, the top economic adviser to the president said on Tuesday, according to Reuters.

But Oleksander Shlapak said such measures could be adopted only in conjunction with the World Trade Organisation, which Ukraine joined this year, and the International Monetary Fund, which has extended Kiev a loan of $16.4 billion.

"The government must study the possibility of using trade restrictions through higher duties and through import quotas, in accordance with WTO rules by coordination with the WTO head office and the IMF mission," Shlapak told a briefing.

He said a bill providing for such measures was under discussion with parliamentary committees.

"The idea is to add specific sums to rates already in effect," he said.

"I believe in setting a universal rate which would defend the domestic market and bring in budget funds. These rates should not be prohibitive, they should uphold competition."

Figures released by the State Statistics Committee put the trade deficit for goods over January-September at $14.3 billion, twice as high as the 2007 figure for the same period.

Reuters via Guardian

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