After Ukraine’s accession to WTO, growth of welfare is expected - Yushchenko
Yushchenko spoke about the benefits coming out of Ukraine’s membership in the WTO
President Victor Yushchenko met today with the students of Vadym Hetman Kyiv National Economic University. According to the President`s press-office, the meeting was dedicated to the admission of Ukraine to the WTO. Nearly 700 students of second to forth year of study took part in the meeting.
Speaking about the benefits coming out of Ukraine’s membership in the WTO Victor Yushchenko expressed assurance that the economic effect shall be very powerful. And to his mind this will positively affect every Ukrainian citizen as in conditions of competition the Ukrainian consumers shall be presented a wider choice of products of better quality.
According to the President, combined growth of the consumption and, as the result, of welfare is expected to estimate about 10.2%. GDP according to experts estimates shall increase by 1.7%, yearly growth of investments – by 40% and increase in exports shall be 10% to 11%.
The Ukrainian producers will receive a wider access to WTO member states markets together with simplification of trade procedures. It is also very important that WTO membership allows Ukraine to begin talks with the EU on establishing a free trade zone. Free trade zone shall gradually bring about free movement of goods, services, capitals and labor force.
Answering students questions V. Yushchenko said that accession of Ukraine to the WTO will have no negative effect on Ukrainian automobile industry and agriculture because there is a five year transition period foreseen by the Protocols necessary for adaptation of some economic sectors to WTO norms.