MEPs in the European Parliament's International Trade Committee have approved the extension of trade liberalization measures for another year, until June 5, 2025, to support Ukraine in the face of Russia's ongoing aggressive war, but allowing the European Commission to impose restrictions in case of "disruptions in the EU market," the committee's press service said on Thursday, UNN reports.
Details
"Members of the European Parliament on Thursday approved a proposal to extend the temporary suspension of import duties and quotas on exports of Ukrainian agricultural products to the EU for another year, from June 6, 2024 to June 5, 2025, in support of Ukraine in the context of Russia's ongoing aggressive war against the country," the statement said.
As stated, this legislation "empowers the European Commission to take swift action and introduce any necessary measures in the event of significant disruptions to the EU market or to the markets of one or more EU countries due to Ukrainian imports." It also provides for an "emergency braking mechanism for particularly sensitive agricultural products, namely poultry, eggs and sugar," which is stated to mean that "if imports of these products exceed the average volumes of 2022 and 2023, tariffs will be reintroduced.
The extension of the EU trade measures will ensure that Ukraine can continue to export its agricultural products to the EU, which is the lifeblood of the Ukrainian economy. At the same time, the proposal includes robust safeguards to ensure that our farmers are not overwhelmed by a sudden increase in imports. The European Commission will be able to reintroduce tariffs or take any other necessary measures if it finds that imports of certain products are causing market distortions. This is a good balance between continuing our vital support for Ukraine and the necessary protection of our markets."
"It is expected that the European Parliament will vote on the position in the first reading at its plenary session next week. If the European Parliament adopts the position in the first reading, the Council of the EU will formally approve the regulation, and it will enter into force after publication in the Official Journal of the EU," the institution said.
Addendum
The EU-Ukraine Association Agreement, which includes a Deep and Comprehensive Free Trade Area, has provided Ukrainian businesses with preferential access to the EU market since 2016. Immediately after the outbreak of Russia's aggressive war against Ukraine, the EU introduced autonomous trade measures in June 2022 that allow duty-free access for all Ukrainian goods to the EU market. These measures were extended for one year in June 2023 and expire on June 5, 2024.
According to the European Commission, total EU imports from Ukraine amounted to €24.3 billion in the 12 months to October 2023, compared to the pre-war level of €24 billion in 2021.