ukrainian news - 20.05.2008
Ukraine joins WTO, forcing economic reforms and opening new trade channels
Experts expect new economic ties to boost chiefly agricultural, chemical and metals exports. A membership protocol ratified by parliament last month officially
came into effect Friday, according to a statement from President Viktor
Yushchenko's office. Over the 14 years of accession negotiations, Ukraine implemented a
range of economic reforms and amended more than 50 laws to bring the
country into line with WTO norms. Membership obliges Kyiv to further
reforms. Russia, its main trade partner, is the only major economy yet to
join. Ukraine will have veto power over Russian accession but may be
eager to see Moscow bound by the same trade rules amid political
tension. Many believe Russia's inclusion in the trade club would be
beneficial to Ukraine because it would prevent Moscow from applying
tariffs that are against WTO rules. Key Ukrainian exports to Russia include spirits, oil, sugar and various raw materials. Yushchenko has promised that Ukraine would not unfairly use its new
position inside the WTO to damage Russia's 15-year accession bid. "I would warn of an aggravation of relations" if Ukraine were to
block Russia's entry, said Kostantyn Kuznetsov, an economic analyst at
the Kiev-based Razumkov think tank. "That would be "wrong ... and a way
that leads nowhere."
See also:
- — In Q1, Ukraine-Belarus trade two times up to $1.2 billion
- — Specialized exhibition Primus: Woodprocessing and Primus: Furniture industry will take place in Kiev on the 23-27 of September
- — Graphic Paper and Cardboard in Ukraine
- — International forum of investors to be held in Chernivtsi July 11-13
- — Komatsu Forest opens its office in Ivano-Frankivsk
