On February 1, Ukraine became a full-fledged member of Regional Convention on pan-Euro-Mediterranean preferential rules of origin (PEM Convention).
The PEM Convention is an instrument developed by the European Union for cooperation with its trade partners and provides for identical rules of origin allowing for diagonal cumulation between the countries of the "pan-Euro-Mediterranean cumulation zone”. Participation of Ukraine in the said Convention will advance the creation of conditions for trade facilitation and increase of Ukrainian exports. It will also boost the presence of domestic goods in the markets of third countries with which free trade agreements have been concluded, namely the EU, the EFTA states, Montenegro, Moldova, and Macedonia.
"The Convention should become a viable tool for expanding mutual access to the markets of the countries and an incentive to launch a negotiation process regarding the conclusion of new free trade agreements," Stepan Kubiv, First Vice Prime Minister/ Minister of Economic Development and Trade of Ukraine, emphasized during a meeting with heads of diplomatic missions of the parties to the Regional Convention on pan-Euro-Mediterranean preferential rules of origin.
The next step is the process of the implementation of the Convention. In particular, it is necessary to modify FTAs, which are in force between Ukraine and Contracting Parties to the Convention.