Abstract
The article casts light onto the current state of foreign trade between Ukraine and the EU in the conditions of a free trade area. Having analyzed the structure of merchandise exports and imports, the author reveals major challenges that arise as current tendencies persist into the future. Special attention is paid to seizing the opportunities provided by the EU-Ukraine Free Trade Agreement for realization of export potential of the agricultural sector on the markets of these countries. The author suggests ways to create conditions for diversification of merchandise exports, facilitation of access to European markets for the exporters of finished agricultural goods, as well as taking measures for constraining the inflows of non-critical merchandise imports, in particular pharmaceutical products.
Highlights
The article casts light onto the current state of foreign trade between Ukraine and the EU in the conditions of a free trade area
The national economic community continues to debate on the opportunities and threats brought in by the free trade area (FTA) with the EU: Some experts highlight only its positive effects, other experts point out that Ukraine inadequately uses all the opportunities offered by open markets of the EU, whereas others agree that the improved EU-Ukraine trade dynamics is only temporary in nature and may change at any point in time leading to worsening foreign trade balance in case protection measures are imposed on major exports from Ukraine
The Association Agreement between Ukraine and the EU is the largest package of agreements in the history of independent Ukraine
Summary
The article casts light onto the current state of foreign trade between Ukraine and the EU in the conditions of a free trade area. The prospects for the development of Ukraine’s foreign trade are currently determined by how successful it is in adapting to constantly changing environment of international economic relations This is the context, in which it is worth to consider the development of Ukraine’s foreign trade relations with its current foreign partners, in particular the reorientation of Ukraine’s exports towards the common EU market with seizing the opportunities provided by the Association Agreement and the free trade area (FTA) with the EU. Tracking the current state of foreign trade relations between Ukraine and the EU in the conditions of an FTA is an important task with a view to strengthening the positive results and finding ways to resolve urgent problems in this area Such information is extremely important for shaping an effective public policy aimed at both full utilization of opportunities offered by the Agreement and mitigation of risks and challenges related to its implementation. The future development and strengthening of foreign trade cooperation should come into play on the economic, social and political situation of Ukraine
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