EU Set For Tariff Liberalizing Agreements With Eastern Partners

30/06/2014 12:00 - 460 Views

The European Union (EU) is set to ink new Association Agreements with Georgia, Moldova and Ukraine that will eventually eliminate tariff barriers to trade.The EU will sign the deals in their entirety with Georgia and Moldova on June 27, and is shortly due to complete the signature process with Ukraine. Each agreement will provide for a Deep and Comprehensive Free Trade Area, and will ensure the progressive removal of customs tariffs and quotas, and harmonize laws, norms and regulations in various trade-related sectors.The European Commission expects Georgian agricultural products to become more attractive on the EU market, thanks to the removal of EU import duties worth EUR5.7m (USD7.8m) on basic products, and EUR0.5m on processed products. Moldovan agriculture will also benefit, with the elimination of import duties worth EUR43m on basic products and EUR3m on processed products.The agreements foresee provisional application, prior to ratification by the European Parliament and EU member states, a process that may take some time to complete. They provide for provisional application to start on the first day of the second month after both the EU and respective partner countries have fulfilled the required procedures.

June 26, 2014

Source: Tax News