Ukraine becomes full member of PEM convention

Ukraine becomes full member of PEM convention

Ukrinform
February 1, Ukraine has become a full-fledged member of the Regional Convention on pan-Euro-Mediterranean preferential rules of origin (PEM Convention).

Deputy Economic Development and Trade Minister of Ukraine - Ukraine's Trade Representative Natalia Mykolska announced this on her Facebook page.

"Today, Ukraine has become a full-fledged member of the Regional Convention on pan-Euro-Mediterranean preferential rules of origin. Why Ukraine's joining PEM Convention is so important for business? The share of Ukrainian exports to Pan-Euro-Med member states is already 58.9% (40.3% of which is exports to the EU countries). The member states of the convention can use raw and other materials of each other without loss of preferential status of origin," Mykolska noted.

She explained how this principle will be practically implemented.

"When producing goods in Ukraine, it is possible to purchase raw materials and components in the PEM member countries, which Ukraine has concluded free trade agreements with, and then export products to other PEM members, using the effect of diagonal cumulation in determining the preferential status of the goods. Accordingly, Ukrainian materials and components can be used in production in the PEM member countries for further exports in the form of components of the finished product. This is also a new opportunity for Ukrainian business to participate in regional value chains," the Ukraine's Trade Representative noted.

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