The Government continues to rely on the support of the private sector to make Ukraine’s economy grow again. This was emphasized by Prime Minister Denys Shmyhal.

During a meeting of the Cabinet of Ministers on March 17, a number of regulatory acts in the field of intellectual property, waste management, and biofuel production were abolished. According to the Prime Minister, this will allow businesses to work more efficiently and spend less time on unnecessary bureaucracy.

“Deregulation is becoming one of the key reforms in the economic sphere. The Government’s Interagency Working Group on Deregulation is successfully reviewing regulatory instruments and removing unnecessary barriers,” said Denys Shmyhal.

The Prime Minister also said that Ukraine had received an important signal from the European Commission regarding the extension of the “economic visa-free regime”. The EU Economic and Financial Affairs Council has proposed to extend the suspension of import duties, quotas and trade remedies on Ukrainian exports to the EU for another year.

“The extension of the ‘economic visa-free regime’ that we are working on is a significant support for Ukrainian business and an important step for the recovery of our economy,” the Head of Government emphasized.

According to the Prime Minister, in 2022, Ukrainian exports to Europe amounted to almost USD 28 billion. More than half of Ukraine’s foreign trade is now focused on the European market.