EU, Ukraine agree to extend preferential trade regime
(VOVWORLD) - Ukrainian Prime Minister Denys Shmyhal said Wednesday that Ukraine and the European Union have agreed to extend for one year their preferential trade regime, which is due to expire on June 5.
 Ukraine’s Prime Minister Denys Shmyhal speaks at a press briefing in Warsaw, Poland, on May 5, 2022. (Archive photo: AFP/VNA)
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The current regime, which began to take effect last June, abolished tariffs and quotas on Ukrainian industrial goods and foods to the EU.
The Prime Minister expressed that the extension of the preferential trade rules will contribute to the revival of the Ukrainian economy.
He further noted that the access of Ukrainian agricultural products to the European market has been partially restored after a ban by five neighboring countries.
The European Commission has developed a compromise mechanism, which temporarily restricts Ukraine from exporting four types of agricultural products to its neighbors, Shmyhal said.
On Thursday, the EC adopted a proposal to boost ammunition production in order to support Ukraine needs, and address a shortage among EU member states, under which one billion euros has been allocated to the Act in Support of Ammunition Production.
It should be noted that on Wednesday, the White House has announced a new batch of heavy artillery as well as missile ammunition to Ukraine.