At this meeting, the government endorsed the draft law on accession of Ukraine to the Regional Convention on pan-Euro-Mediterranean preferential rules of origin (pan-Euro-Med), the press service of the Ministry of economic development and trade.
According to first Deputy Prime Minister Stepan Kubiv, in July of this year, the European Union has officially invited Ukraine to join the Convention of pan-Euro-Med, which opens additional opportunities of trade for Ukrainian exporters.
He noted that by the end of 2016, Ukraine’s exports to participating countries of the Convention is 53% of total exports of our country, and for 6 months of 2017, the share of Ukrainian exports to the countries of the pan-Euro-Med is already over 50%.
“The participating countries of the Convention under a reciprocal free trade agreements use identical preferential rules of origin. That is, the goods which received the status of origin in one country, can be used in production processes in any of the other countries without losing the preferential status of origin” – explained the importance of this decision, the Deputy Minister of economic development and trade – trade representative of Ukraine Natalia Mykolskiy.
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It is noted that Ukraine will be able to purchase raw materials and components in the countries of the European free trade Association (EFTA), or, in the Mediterranean countries and finished products to export to the EU, keeping the status of preferential origin of imported goods at reduced or zero rate of import duty.
Regional Convention on pan-Euro-Mediterranean preferential rules of origin was adopted in 2012 at the initiative of the European Union. Now a pan-Euro-Med unites the EU, EFTA, Turkey, Albania, Bosnia and Herzegovina, Macedonia, Serbia, Montenegro, Algeria, Egypt, Israel, Jordan, Lebanon, Morocco, Palestine, Syria, Tunisia, Faroe Islands, Moldova. In the process of accession to the Convention is Georgia.
Recall, 13 September, the European Parliament signed the decision on granting Ukraine the additional trade preferences.