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The President signed a law that will strengthen the trade relations and economic integration of Ukraine and the European Union

President Petro Poroshenko signed the Law of Ukraine "On Ukraine's Accession to the Regional Convention on Pan-Euro-Mediterranean Preferential Rules of Origin", approved by the VerkhovnaRada of Ukraine on November 8, 2017.

Accession to the Convention will facilitate the conditions of trade and increase the use of Ukraine's export potential, strengthen trade relations and economic integration with the European Union.

The possibility of Ukraine joining the Regional Convention on pan-Euro-Mediterranean preferential rules of origin (hereinafter referred to as the "Convention") is foreseen by the provisions of the Association Agreement between Ukraine and the EU. The process of joining it was launched in 2016.

The Convention establishes identical provisions on the origin of goods traded by states under free trade agreements and provides for the possibility of diagonal cumulation, that is, it allows its member countries to use raw materials and components to each other, and not only national ones, while preserving preferential terms of trade.

To date, the parties to the Convention are 24 Contracting Parties, 6 of which already have free trade agreements with Ukraine (EU, EFTA, Montenegro, Macedonia, Moldova, Georgia). The two countries that are parties to the Convention are still negotiating free trade, in particular with Turkey and Israel.
The next step for full use of the benefits of the Convention is to amend the relevant free trade agreements in force as part of the replacement of the protocols of rules of origin of goods.
 

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