This year Ukraine faces many challenges in the economic sphere. A special focus will be on logistics, exports and increasing foreign investment. This was stated by Prime Minister Denys Shmyhal at a Government session on 9 February.

“First of all, we are expanding the geography of our exports. We are promoting Ukrainian products on the global market. We are agreeing on new free trade zones and duty-free access for our goods to various countries,” the Prime Minister said.

He recalled that the day before Ukraine and the UK had signed a document extending the duty-free trade regime for another 5 years. According to the Head of Government, the volume of trade between Ukraine and the UK grew by 20% last year and exceeded USD 1.4 billion.

Also this week, Canada’s House of Commons passed legislation allowing for the launch of the updated Canada-Ukraine Free Trade Agreement.

“The President of Ukraine signed it in Canada last year, and this agreement will introduce the most modern regime of liberalisation of services and investment markets. We are moving to the principle of ‘everything which is not forbidden is allowed’ in our relations with Canada. This will open up new opportunities for Ukrainian businesses, especially in the IT sector,” said Denys Shmyhal.

Ukraine has also agreed to extend the “economic visa-free regime” with the European Union. According to the Prime Minister, this also means that Ukrainian entrepreneurs will be able to export their goods to Europe without customs duties.

“Currently, Ukraine’s exports to the EU account for almost ⅔ of the total volume. Therefore, it is difficult to overestimate the importance of this agreement for Ukrainian business and our economy,” said the Head of Government.

Denys Shmyhal reminded that the European Commission had recommended extending the “economic visa-free regime” until June 2025. This issue was raised with EU High Representative Josep Borrell during his visit to Kyiv this week.

“The strategic task is to enshrine a fully free trade regime between Ukraine and the EU in the Association Agreement. We are working on this. We are also negotiating with the EU to extend the ‘transport visa free regime’. Ukrainian companies should have the right to continue transporting goods without additional permits,” the Prime Minister stressed.