Ukraine offers China to start joint consultations on creation of free trade area
Ministry of Economic Development and Trade of Ukraine, posted 08 November 2018 10:07

On November 8, First Vice Prime Minister/ Minister of Economic Development and Trade of Ukraine Stepan Kubiv, while on a working visit to Beijing (China), met with Vice Premier of the State Council of the People's Republic of China Liu He.

The parties focused on the discussion devoted to expanding Ukraine-China trade and economic cooperation  both within existing opportunities and new ones.

"Cooperation with China is unwavering and  strategic priority of Ukraine's foreign economic policy. During the first eight months of 2018, the trade between Ukraine and China totaled almost $6 billion and increased by 21%. But this volume of trade does not correspond to the existing potential. In the next 5 years we can boost the trade turnover to $20 billion a year. Thus, we need to step up our work in all directions, and we have to shape new instruments",  Stepan Kubiv stressed in his speech.

The First Vice Prime Minister emphasizedthat after a long hiatus, the work of Ukraine-China intergovernmental commission on economic cooperation was resumed. This gave a significant positive impetus for the intensification of cooperation between countries and the growth of trade and cooperation between Chinese and Ukrainian enterprises.

"We have intensified the work of the intergovernmental commission. And during the visit of the Vice Premier of the State Council of the People's Republic of China Ma Kai to Kyiv in December 2017, Ukraine and China signed an action plan on jointly building the Silk Road Economic Belt and the 21st Century Maritime Silk Road. This is a concrete road map for our effective collaboration," Stepan Kubiv emphasized.

He also added that Ukraine and China should kick off the work on seeking wider opportunities for trade between the countries in order to deepen cooperation and trade and economic cooperation

"Ukraine, over the years, has substantially expanded its own network of preferential trade regimes. We inked new trade agreement with Canada, rounded off talks on  free trade agreement with Israel, and we are completing negotiations with Turkey. We see the effectiveness of these agreements. So I suggest to launch joint Ukrainian-Chinese consultations on the preconditions for the creation of a free trade zone",  the First Vice Prime Minister underlined.

The sides also discussed cooperation under the initiative of the  President of the People's Republic of China Xi Jinping "One Belt, One Road" as well as cooperation in the field of energy, both traditional and alternative, infrastructure projects, industry, engineering, agriculture and agro-industry, innovation and digitalization, and other promising projects.