On 1 January 2016, the EU and Ukraine started applying the Deep and Comprehensive Free Trade Area (DCFTA) which forms part of the Association Agreement signed in June 2014. The application of the DCFTA of the EU-Ukraine Association Agreement constitutes a milestone in the bilateral relationship, as it will offer new economic benefits to both sides.
On this occasion, EU Trade Commissioner Cecilia Malmström said: “The entry into force of this trade area on 1 January 2016 creates unique opportunities for Ukraine to stabilise, diversify and develop its economy to the benefit of all its citizens. Assistance from the EU will be made available to help Ukrainian SMEs seize these new opportunities, to grow, and thereby create jobs. EU businesses will benefit as well by gaining improved access to a market of 45 million people.”
Commissioner Hahn added: ”With the DCFTA new opportunities are opening up for Ukraine in the EU and beyond, since European standards are often international standards. We want to see Ukraine succeed and make use of the full potential of the DCFTA.”
As a consequence of this agreement, Ukrainian businesses receive stable and predictable preferential access to the largest market in the world with 500 million customers, while EU businesses will be able to benefit from easier access to the Ukrainian market and build new relationships with Ukrainian suppliers and cooperation partners.
