President signs law to facilitate strengthening of trade relations with EU

President signs law to facilitate strengthening of trade relations with EU

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Ukrinform
President of Ukraine Petro Poroshenko has signed the Law of Ukraine "On Ukraine's Accession to the Regional Convention on Pan-Euro-Mediterranean Preferential Rules of Origin."

This is reported by the press service of the Head of State.

"Accession to the Convention will help simplify the terms of trade and increase the use of Ukraine's export potential, strengthen trade ties and economic integration into the European Union," the statement reads.

As noted, the Convention establishes identical provisions on the origin of goods, which are traded by states under the concluded free trade agreements, and provides for the possibility of diagonal cumulation, i.e. allows its member states to use raw materials and component parts of each other, not only national ones, while maintaining preferential trade conditions.

The next step to fully use the advantages of the Convention is to amend the relevant existing free trade agreements in terms of replacing the protocols of rules of origin of goods, the presidential press service mentions.

The Law of Ukraine "On Ukraine's Accession to the Regional Convention on Pan-Euro-Mediterranean Preferential Rules of Origin" was adopted by the Verkhovna Rada of Ukraine on November 8, 2017.

The possibility of Ukraine’s joining the Regional Convention on pan-Euro-Mediterranean preferential rules of origin is stipulated in the EU-Ukraine Association Agreement. The process of accession started in 2016.

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