Ukraine should expect significant changes from DCFTA in 5-7 years – EU representative office

Ukrinform
The Deep and Comprehensive Free Trade Area (DCFTA) will come into effect on January 1, 2016, although one should not expect immediate economic results from the beginning of its implementation.

Nicholas Burge, Head of the Trade and Economic Section of the Delegation of the European Union to Ukraine, said at a round table meeting in Kyiv on Tuesday, an Ukrinform correspondent reports.

“On January 1, in a month, I can guarantee that the DCFTA between Ukraine and the EU will come into force,” Burge said.

According to him, the free trade area is symbolic and at the same time a very practical tool, that’s why it should become a center of economic reforms in Ukraine.

“We should not exaggerate the immediate economic effect from the DCFTA. The main changes on January 1 will take place in the sphere of tariff liberalization. There will be a slow reduction in import tariffs from the both sides, which will improve the access to markets. Although, great changes from the DCFTA implementation will take place only in 5-7 years,” Burge.

The free trade area is a long-term program which transforms the Ukrainian economy and will make it more competitive, by opening not only the EU market, but other world markets as well, Burge added.

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