FX.co ★ EU cancels Ukraine’s customs duties on April 23

The European Union is removing customs duties on most Ukrainian goods, the EU Foreign Affairs Council says in a statement. The reduction is expected to be in effect from April 23 to November 1.
Nevertheless, such a trade preference measure does not require Ukraine to take off the duties on the EU products. Meanwhile, Kiev is not entitled to put them on.
Ukraine, in its turn, has to guarantee that no third country goods under the guise of the Ukrainian ones will be exported to the EU market. Besides, in case Ukraine’s imports weigh on the local manufacturers, the customs duties will be slapped on again.
In the meantime, the Council approved a €1-billion package for Ukraine as a financial assistance, supported by the International Monetary Fund.
On March 21, Ukraine and the EU signed an association agreement, the economic and trade sections of which will not be endorsed until the presidential elections in May. However, Brussels made its mind to adopt the unilateral document amid the tough socio-economic situation in Ukraine.