EU Trade Commissioner travels to Ukraine to discuss EU-Ukraine trade negotiations
EU Trade Commissioner Karel De Gucht will visit Kiev for the first time on 27-28th October. He will explore how to move the EU-Ukraine trade negotiations forward.
"These trade negotiations should help create a modern, transparent and predictable environment for consumers, investors and businessmen on both sides", said Commissioner De Gucht. "We want to build on Ukraine's internal reforms in order to improve overall business governance."
The Commissioner will meet the highest-level political representatives in Kiev, notably President Yanukovych, Prime Minister Azarov and Foreign Minister Gryshenko. During his visit he will further meet with business leaders and European industry representatives.
The Commissioner will address the ongoing negotiating process between the EU and Ukraine as well as key bilateral trade issues.
The EU began free trade negotiations with Ukraine in February 2008. The trade agreement is part of an overall agreement, the Association Agreement. It will be a deep and comprehensive free trade agreement, going beyond a classical FTA by Ukraine taking over part of the trade-relevant EU rules and regulations. The next round will take place in December 2010 in Brussels.
Trade in goods
Ukraine 's primary exports to the EU are agricultural products, energy, chemicals, iron, and steel. EU exports to Ukraine are dominated by machinery, transport equipment, chemicals, textile and clothing, and agricultural products. 2009 trade figures were rather low due to the economic crisis.
- EU exports to Ukraine 2008: €25 billion
- EU exports to Ukraine 2009: €13.09 billion
- EU imports from Ukraine 2008: €15 billion
- EU imports from Ukraine 2009: €7.9 billion
Foreign Direct Investment
- EU investment stocks in Ukraine as of 2007: €13.5 billion
- FDI flows to Ukraine have been rising rapidly in the last couple of years and have the potential to sufficiently foster further economic growth in the country. From 2007 to 2008, FDI outward stocks from EU 27 countries grew by more than 75% in Ukraine.In 2008 EU investments into Ukraine amounted to €4.8 billion.