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Country Q&A | Law stated as at 01-Nov-2018 | Ukraine
A Q&A guide to international trade in goods and services in Ukraine.
This Q&A covers key matters relating to the regulation of international trade in Ukraine, including recent trends, trade agreements, trade negotiations, rules relating to the supply of services, imports and exports requirements, trade remedies, and international trade restrictions.
This Q&A is part of the International Trade and Commercial Transactions Global Guide. To compare answers across multiple jurisdictions, visit the International trade in goods and services Country Q&A tool.
For a full list of jurisdictional Q&As visit global.practicallaw.com/internationaltrade-guide.
What are the recent trends affecting the regulation of international trade in your jurisdiction?
The following recent trends currently affect the regulation of international trade in Ukraine:
Political relations between Ukraine and Russia. Recent political relations between Ukraine and Russia have affected both countries and have resulted in the application of mutual restrictions, including in relation to the regulation of international trade. At the start of 2016, Russia:
In response to the annexation of Crimea and military actions in the eastern part of Ukraine, Ukraine:
Since then, both countries have expanded the scope of their mutual restrictions. For example, at the end of 2017, Russia expanded an existing food embargo against Ukrainian goods, while Ukraine has extended the scope of its import ban. Sanctions introduced by the President of Ukraine are also subject to revision and extension. The most recent of these took place in June 2018 (see Question 18). In November 2018, Russia imposed special economic measures on certain individuals and legal entities of Ukraine that include freezing of their bank accounts, uncertificated securities and property in Russia and a ban on transfers of money from Russia.
These restrictions have resulted in an increase in the number of WTO disputes between the two countries. Ukraine has initiated three disputes against Russia (DS 499, DS 512 and DS 532), while Russia has initiated one (DS 525).
International trade agreements. One of the ongoing trends in Ukrainian international trade regulations is the conclusion of free trade agreements (FTAs) to facilitate bilateral trade. Ukraine has concluded 16 FTAs covering 46 states. FTAs with the EU and Canada entered into force in 2017. In 2018, Ukraine acceded to the Regional Convention on pan-Euro-Mediterranean preferential rules of origin (Pan-Euro-Med Convention). Negotiations of FTAs with Israel and Turkey are currently underway. See Question 2.
Trade remedies and application of WTO instruments. Ukraine actively applies trade defence remedies to protect domestic producers, as these measures are the only ones directly allowed by the WTO. Ukraine has also been actively participating in different WTO activities. For example, Ukraine has been making increasing numbers of statements in the WTO committees, initiating more disputes, and so on.
Export strategy. One of the benchmark objectives of the Ukrainian government is the facilitation of exports. At the end of 2017, the Cabinet of Ministers of Ukraine (CMU) approved the Export Strategy of Ukraine for 2017-2021. This is an action plan that indicates the key strategies for export development in Ukraine, including institutional reform and improvement of agencies focusing on the promotion of exports. The government is also currently conducting many different institutional and educational activities to facilitate exports.
Is your jurisdiction a member of the World Trade Organization (WTO)? What are the main international, regional or bilateral trade agreements to which your country is a party?
International trade agreements
Ukraine joined the WTO on 16 May 2008 and is a member of the Marrakesh Agreement establishing the WTO. It is a party to the following multilateral agreements:
In addition, since 2016, Ukraine has participated in the Government Procurement Agreement (GPA), a WTO plurilateral agreement.
Ukraine has also ratified the:
Regional and bilateral trade agreements
Ukraine has concluded 16 FTAs covering 46 countries in total, but is not a member of any customs union. Ukraine is a member of the following FTAs:
In addition to the CIS FTA, a number of bilateral FTAs with CIS countries (namely Belarus, Tajikistan, Kazakhstan, Kyrgyz Republic, Armenia, Moldova and Uzbekistan) remain in force but are expected to be terminated.
Ukraine also recently acceded to the Pan-Euro-Med Convention, which sets uniform rules of origin for trade in products manufactured in countries with which the EU has FTAs and customs unions.
Official publications of the international agreements concluded by Ukraine are available on the website of the Parliament of Ukraine (in Ukrainian) at: www.rada.gov.ua.
What are the authorities responsible for negotiating trade agreements? How long does it usually take to conclude a trade deal with your country?
Both the Ministry of Economic Development and Trade of Ukraine (MEDT) and the Ministry of Foreign Affairs of Ukraine (MFA) are responsible for the negotiation of trade agreements in Ukraine. The MEDT:
There is no fixed time limit for the duration of negotiations. For example, Ukraine is currently negotiating FTAs with Israel and Turkey. Negotiations of the FTA with Israel started on 22 July 2013. The negotiations were suspended in 2013 due to the political situation in Ukraine, and were resumed in the second half of 2015. Finally, following 11 rounds of talks, negotiations with Israel were completed on 28 March 2018. The parties plan to sign the Israel- Ukraine FTA by the end of November 2018. The negotiations of the FTA with Turkey started on 24 January 2011. On 4 May 2018, the tenth round of talks was completed, and the parties plan to sign the FTA by the end of 2018.
Does your country apply interim rules during trade negotiations?
As a WTO Member, Ukraine complies with the requirements of Article XXIV of the GATT 1994 when concluding any FTAs, including its obligation to notify its FTAs to the WTO Secretariat. Ukraine does not apply interim rules during negotiations.
Supply of services
Is your jurisdiction a party to international agreements on cross-border trade in services? Is your jurisdiction taking part in the negotiations of the Trade in Services Agreement (TiSA)?
On accession to the WTO, Ukraine became a party to the GATS and made a considerable level of commitments in relation to trade in services (horizontal commitments and sector-specific commitments). Sector-specific commitments are commitments made regarding specific services sectors or sub-sectors. According to Ukraine’s Schedule of Commitments, the country liberalised modes one to three (cross-border trade, consumption abroad and commercial presence) in:
This liberalisation has been undertaken with respect to both market access and national treatment obligations.
Horizontal commitments apply to all sectors included in the Schedule of Commitments. Ukraine left mode four (presence of natural persons) in all these categories unbound. In general, foreign nationals must obtain a work permit, but certain categories of employees are excluded from this requirement, such as:
Ukraine has also scheduled exemptions and reservations relating to national treatment with respect to land ownership and access to subsidies and other forms of state support.
In addition, Ukraine has committed to publish promptly its legislation relating to trade in services and to allow any interested parties to submit their comments and proposals.
Ukraine is not currently participating in the TiSA negotiations being held under the framework of the WTO.
Three of Ukraine’s FTAs provide for liberalisation in service sectors, the:
What domestic legislation and international rules apply to the supply of financial services, legal services and retail sales in your jurisdiction? What are the main requirements that suppliers must comply with?
Regulatory framework. The general legal framework is established by the Law On Financial Services and State Regulation of Financial Services Markets No 2664-III dated 12 July 2001. Certain financial services, such as banking activities, insurance business and securities transactions, are also subject to special laws, including the:
The provision of financial services is subject to licensing/registration by the competent Ukrainian authorities. Generally, only legal entities incorporated in Ukraine are eligible to obtain the relevant licence/registration. Therefore, with certain exceptions, there are no express rules governing the financial activities of foreign financial institutions in Ukraine. Special care must therefore be taken by foreign financial institutions when contacting clients/prospects in Ukraine. The rules relating to foreign institutions include that:
Foreign banks and foreign insurance companies can establish branches in Ukraine and provide their services in Ukraine though such branches;
The cross-border supply of certain insurance services into Ukraine is permitted for foreign insurance companies if those services are limited to:
In addition, there are rules applicable to customers of cross-border financial services in Ukraine that inevitably affect foreign suppliers of such services. In particular, these rules relate to cross-border loans taken by Ukrainian borrowers. Ukrainian borrowers must generally register cross-border loan agreements with the National Bank of Ukraine (NBU). Ukrainian legislation establishes maximum permitted rates of interest for Ukrainian borrowers (generally, 11% per annum or three-month USD LIBOR +750 bps).
The cross-border supply of financial services into Ukraine may be substantially liberalised for European suppliers in the mid-term. Under Articles 93 (Market Access) and 94 (National Treatment) and Annexes XVI-B and XVI-E to the EU-Ukraine Association Agreement, Ukraine is under an obligation to:
Regulatory framework. The legal requirements depend on the nature of the legal services provided. For example, the Law On State Registration of Legal Entities, Individual Entrepreneurs and Public Organisations No 755-IV dated 15 May 2003 applies to all non-governmental providers of legal services based in Ukraine (such as law firms, notaries or advocates). The activity of law firms is not regulated by specific legislation. However, some legal services are regulated in detail, for example:
Main requirements. Ukrainian and foreign legal entities, and individual entrepreneurs or public organisations, can provide consultancy on domestic or international law without special legal qualifications, except for in relation to advocacy. The main requirement is state registration of an entity that provides legal services either for free or on a commercial basis.
To obtain the status of advocate in Ukraine a person must:
Foreign advocates can provide advocacy services in Ukraine if they are included in the Unified Advocates Register of Ukraine (the Advocate Council of Ukraine determines the necessary documentation for this).
Notary services can only be provided by Ukrainian citizens.
Regulatory framework. There is no single instrument specifically regulating retail sales in Ukraine. The primary legislation applying to this field consists of the:
Additional sector-based legislation may be applicable depending on the type of product sold (for example for pharmaceuticals, alcoholic beverages, tobacco or fertilisers).
Main requirements. The basic requirements for selling food or non-food products relate to safety and quality requirements, obtaining the relevant permits, and so on. There are additional requirements for certain products (including licensing, price regulation and excise taxes), for example:
Are there restrictions on market access for specific services sectors?
Under the Law On Licensing of Economic Activity Types No 222-VIII dated 2 March 2015, the services sectors that are subject to special licensing terms include:
The full list is available at http://zakon3.rada.gov.ua/laws/show/222-19/print1503429277421995.
Corresponding CMU Resolutions determine the special licensing terms for each of the listed activities, for example:
In addition, the list of natural monopolies of Ukraine is approved by the Anti-monopoly Committee of Ukraine (AMCU) and comprises both state-owned and private enterprises. It includes, among others, a wide range of companies supplying natural gas, electricity, water and water drainage, and transporting heat energy. It is available on the AMCU website: www.amc.gov.ua.
What is the authority responsible for enforcing customs laws and regulations?
The State Fiscal Service of Ukraine (SFS) is responsible for enforcing customs laws and regulations in Ukraine. The webpage of the SFS is available at: http://sfs.gov.ua/en.
As specified in the Regulation on the SFS of Ukraine, approved by CMU Resolution No 236 dated 21 May 2014, the SFS performs, among others, the following functions in the field of customs regulation:
The SFS operates directly or through its territorial offices represented in each region of Ukraine. The list of territorial offices is available at: http://sfs.gov.ua/en/about-sfs/structure/territorial-offices.
Depending on the type of violation, both fiscal authorities and courts have the power to hear cases on the violation of customs rules (Article 522, Customs Code). Under the Code on Criminal Procedure, state courts have exclusive competence in criminal proceedings, including to impose criminal penalties for violations of customs rules under the Criminal Code (Article 30, Code on Criminal Procedure).
See Question 18 for the application of special sanctions for violation of customs rules.
Import duties, tariffs and rates
What are the main customs import tariffs and duties?
General tariffs and rates
Ukraine bound 100% of its tariff lines on accession to the WTO. Currently, Ukraine’s average bound rate is 5.8% (10.9% for agricultural products and 5% for non-agricultural products) and average applied rate is 4.5% (9.2% for agricultural goods and 3.7% for non-agricultural goods). Approximately 30% of all tariff lines are bound at 0%. The Customs Tariff for Ukraine is available at: http://zakon0.rada.gov.ua.
Preferential tariffs are applied to goods originating from countries that have concluded FTAs with Ukraine. These include the:
DCFTA. The EU and Ukraine have agreed to eliminate 98.1% and 99.1% of duties in trade value respectively. The level of liberalisation with respect to agricultural products is lower than with respect to industrial goods. Import duties on products originating from the EU and Ukraine (and included in the EU or Ukraine’s tariff schedule attached to the DCFTA) are:
The parties undertook not to maintain or introduce any export duties, and Ukraine is obliged to eliminate its existing export duties in accordance with the schedule annexed to the agreement. The DCFTA also provides for temporary (for the first 15 years of operation of the agreement) special safeguard mechanisms with respect to passenger cars that may be used by Ukraine.
EFTA-Ukraine FTA. Most goods originating in EFTA states and destined for Ukraine were granted immediate duty-free access, while the remaining tariffs covered by the agreement must be gradually eliminated over the transitional period of a maximum of ten years. The level and conditions of liberalisation with respect to agricultural goods is governed by bilateral agreements on agriculture between Ukraine and the respective EFTA states.
CUFTA. Ukraine has granted immediate duty-free access with respect to 72% of products. Another 27% are subject to the gradual elimination over three-, five- or seven-year periods. The agreement envisages special safeguard mechanisms (referred to as emergency actions) that can be applied by the parties during the transitional period in cases where, following liberalisation, imports from one party are injuring or threatening to injure the domestic industry of the other party.
CIS FTA. This covers more than 90% of total intra-CIS trade and envisages the elimination of most import and export duties in trade between the parties, with the exception of several tariff lines reserved by each party. The parties have also agreed not to increase their bound rates of export duties.
Ukraine-Montenegro FTA. Import duties on products originating in Ukraine and Montenegro are eliminated and no new customs duties will be introduced. However, certain goods were excluded by Ukraine from the scope of the agreement (for example, certain pork, poultry and sugar products), and are therefore not subject to any commitments.
Ukraine-Macedonia FTA. Ukraine undertook to eliminate existing import duties and not to introduce new ones on industrial products (with some exceptions, for example, certain chemicals, wood products and textiles). Trade liberalisation with respect to agricultural products is limited, as the scope of liberalisation only comprises certain tariff lines, all of which are subject to tariff rate quotas. Export duties are also eliminated.
Ukraine-Georgia FTA, Ukraine-Azerbaijan FTA, Ukraine-Turkmenistan FTA and bilateral FTAs with CIS countries. These agreements are classified as “old generation” FTAs and all contain similar provisions. The parties agreed to eliminate any existing import and export duties. All of the agreements set out that if the parties decide to exclude certain goods from the free trade regime, an appropriate separate instrument (protocol) listing those goods must be drafted and constitute a part of the respective agreement. For example, such protocols are available for the Ukraine-Kazakhstan and Ukraine- Moldova FTAs and they exclude certain industrial goods, such as certain types of raw hides or skins exported from Ukraine to Kazakhstan (meaning that Ukraine can apply export duties on such products).
Non-tariff barriers to imports
Are there non-tariff barriers to imports into your jurisdiction?
On importation into the territory of Ukraine, goods must comply with sanitary and phytosanitary measures, depending on their characteristics, as well as relevant technical requirements (including packaging, marking or labelling regulations). Imports of certain goods covered by embargoes and sanctions are restricted.
Import restrictions apply to goods specified in CMU Resolution No 436 dated 21 May 2012, which include certain types of:
Exports and imports subject to licensing and quotas are approved by CMU resolution on an annual basis. As of 2018, the relevant lists of goods were approved by CMU Resolution No 1018 dated 20 December 2018 specifying:
Can customs decisions and import restrictions be challenged?
Customs decisions can be challenged through judicial and administrative procedures, while import restrictions (see Question 18 to Question 21) can only be challenged before a court.
Any person has the right to administratively challenge decisions, acts or omissions by the customs authorities by filing a complaint with the head of the relevant customs body. If a decision, act or omission is taken by the head of a customs post, the petition can be filed with the relevant customs house (of which the customs post is a structural division). If the action is taken by the head of the customs house, specialised customs body or customs organisation, it can be challenged before the SFS as the central executive authority responsible for formulating and implementing the state tax and customs policy (Articles 24-30, Customs Code of Ukraine No 4495-VI dated 13 March 2012 (Customs Code)).
A ruling issued by the customs office on a customs offence can also be appealed to the SFS. Filing an appeal suspends the enforcement of the customs offence ruling until the appeal is finally considered (Articles 529-533, Customs Code).
Customs decisions and import restrictions
Both customs decisions and import restrictions can be challenged before an administrative court of Ukraine at any time. The decisions of a first instance administrative court can be appealed to the relevant Administrative Court of Appeal and then to the Highest Administrative Court of Ukraine, the decisions of which can be revised by the Supreme Court of Ukraine (on limited grounds).
What are the main regulations on trade remedies? What are the authorities responsible for investigating and deciding on trade remedies?
In addition to the WTO legislative framework, trade remedies are regulated at the national level in Ukraine by the following laws:
The following state authorities are involved in trade remedies proceedings:
The Interdepartmental Commission on International Trade (Commission), which is responsible for key decisions during proceedings, including on the:
The MEDT, which is responsible for procedural issues, including:
The Ministry of Finance of Ukraine and the SFS, which are responsible for providing the MEDT with all relevant statistics related to trade remedies proceedings.
Investigations and enforcement
What are the requirements and procedure to start trade remedies investigations?
Anti-dumping, anti-subsidy and safeguards investigations are initiated following the submission of an application by a domestic industry (that is, the whole or a major proportion of the domestic producers of like or directly competing products in Ukraine). The applicable thresholds for the domestic industry in Ukraine are the same as those set out by the relevant WTO agreements. To initiate an investigation, an application must contain evidence of:
On initiation, all interested parties registered by the MEDT (including foreign producers, exporters, importers, customers and governmental authorities) can participate in the investigation by, among other things:
The list of pending trade defence proceedings and effective trade defence remedies is available on the MEDT website: http://me.gov.ua.
Is there a right of appeal against the authority’s decision? What is the applicable procedure?
A decision by the Interdepartmental Commission on International Trade on the application of trade remedies can be challenged before the administrative court not later than one month after imposition of the relevant remedies (Article 31, Foreign Economic Activity Law). See Question 11 for the structure of administrative courts in Ukraine.
What are the main requirements to export goods from your jurisdiction? What are the authorities responsible for enforcing export regulations and controls?
The Customs Code is the main legal instrument setting out export requirements. Chapter 15 deals with the export of goods. The procedure for completing a customs declaration is defined in Chapter 40 of the Customs Code and the CMU Resolution On Questions related to the Application of Customs Declarations No 450 dated 21 May 2012.
Depending on the nature of the transaction, some specific regulations may be applicable, for example, starting from 7 February 2019, the Law On Currency and Operations Connected with Currency dated 21 June 2018 will regulate foreign currency payments involving Ukrainian companies.
A number of legal acts specify special procedures, including export permits, conduct of state inspections and so on, for the export of specific goods, including, for example:
The SFS generally enforces controls on the importation and exportation of goods through the customs border. However, depending on the type of products, specific authorities are responsible for the issuance of export permits and for export controls. For example:
Are certain categories of goods subject to specific export quotas, restraints or other controls?
A number of export duties and restrictions apply that Ukraine has committed to gradually reduce on its accession to the WTO. The list of products subject to export duties includes:
The country has also introduced a ten-year ban on exports of unprocessed timber starting from 1 November 2015, and a ban on exports of pine logs applicable from 1 January 2017.
What are the consequences of non-compliance with export regulations?
Products will not be cleared for export if it is established, in the course of customs controls, that the goods are not authorised for export due to non-compliance with export regulations.
Depending on the nature of the violation, type of exported product, intention of the infringer and other factors, violations of export regulations can lead to administrative and criminal liability, for example:
Failure of an exporter to declare precisely and accurately information with respect to the exported goods (description of the goods, quantity and so on) is punishable by a fine equal to 100% of the value of the exported goods and seizure of the goods (Article 472, Customs Code).
Circumvention (hiding from) customs control when exporting products (for example, by giving one product the appearance of others, hiding goods, or the submission of documents containing false descriptions of goods or their country of origin, or false information necessary to determine tariff classification and customs value) is punishable by a fine equal to 100% of the value of the exported goods and seizure of the goods (Article 483(1), Customs Code).
Submission by an exporter of false information on a customs declaration with the purpose to evade customs duties is punishable by a fine equal to 300% of the unpaid customs duties and charges due (Article 485, Customs Code).
Smuggling (that is, the movement of certain goods across the customs border of Ukraine bypassing customs control (including cultural valuables, poisonous, strong, radioactive or explosive substances, and weapons and ammunition)) is punishable by imprisonment for a term of three to seven years. The same actions committed by a group of persons with prior collusion, by a person previously convicted of this criminal offence, or by a public officer is punishable by imprisonment for a term of five to 12 years and by confiscation of the goods (Article 201, Criminal Code).
International trade restrictions
Are there specific restrictions on trade with certain jurisdictions?
Trade sanctions are applied in Ukraine based on:
Under the Sanctions Law, sanctions can be imposed on, among others:
No sectoral sanctions have so far been applied by Ukraine.
There are currently personal sanctions against individuals and legal entities (sanction lists) related to the Russian Federation listed in the Decision of the National Security and Defence Council of Ukraine On Application of and Amendments to Special Personal Economic and Other Restrictive Measures (Sanctions) dated 21 June 2018 and enacted by Decree of the President No 176/2018 dated 21 June 2018. See: www.president.gov.ua/ documents/1762018-24362.
The sanction lists were initially introduced in September 2015 for a one-year period. New sanction lists were adopted between October 2016 and June 2018. According to the sanction list currently in force, sanctions are applicable to legal entities and natural persons for periods of one to three years, or permanently.
The Sanctions Law specifies the following grounds for the introduction of sanctions:
Actions of a foreign country, legal entity, an individual, or other actors that:
Sanctions under the Sanctions Law include:
Special sanctions under Article 37 of the Foreign Economic Activity Law apply to domestic and foreign legal entities for violations in relation to foreign business activities of currency controls or customs, tax or other legislation. The Foreign Economic Activity Law provides for three types of special sanctions that can be applied:
A list of effective special sanctions is available at: http://me.gov.ua/SpecialSanctions/List?lang=uk-UA.
As of 7 February 2019, the mechanism of special sanctions in Ukraine will be abolished.
Under Article 29 of the Foreign Economic Activity Law, the CMU can introduce trade restrictions (retaliatory measures) in response to discriminative or unfriendly actions by a state recognised by the Parliament of Ukraine as an aggressor and/or an occupier. The restrictions that can be introduced under Article 29 include, among others:
The following trade restrictions have been enacted in relation to the Russian Federation under Article 29 of the Foreign Economic Activity Law:
What is the authority responsible for imposing trade restrictions?
The following governmental authorities can take the initiative to impose sanctions under the Sanctions Law:
Decisions to introduce, abolish and/or amend personal sanctions are made by the National Security and Defence Council of Ukraine and enacted by a decree of the President of Ukraine.
Special sanctions under Article 37 of the Foreign Economic Activity Law (in force until 7 February 2019) are applied by the MEDT on request of the:
The CMU can also impose retaliatory measures under Article 29 of the Foreign Economic Activity Law.
What are the consequences of non-compliance with trade restrictions?
As compliance with trade sanctions is strictly monitored by the state authorities (including the Security Service of Ukraine and SFS), it is not generally possible in practice to circumvent trade restrictions.
Infringement of export regulations can lead to administrative or criminal liability, depending on the nature of the violation, type of exported product, intention of the infringer and other factors (see Question 17).
Are businesses subject to specific compliance requirements? What practical steps should a business take to ensure compliance with trade restrictions?
There are no mandatory compliance programmes for companies in relation to sanctions applied under the Sanctions Law, special sanctions and retaliatory measures. However, due to the practical consequences of sanctions (such as the impossibility of making payments through banks, the customs clearance of products and so on), in practice, many businesses usually take all reasonable measures to ensure compliance with applicable legislation before conclusion of any contracts and check whether counterparties are included on any sanctions lists.
However, there are mandatory compliance requirements for:
Foreign trade barriers
What is the procedure for local exporters to complain against foreign trade barriers contrary to the WTO or other trade agreements?
The interaction between the government and businesses on the introduction of trade barriers against Ukraine is governed by the Regulation on Protection of Ukraine’s Rights and Interests in Trade and Economic Field within the Framework of the WTO approved by CMU Resolution No 346 dated 1 June 2016 (Regulation).
The Regulation defines, among other things, the rules and procedures on protection of the rights and interests of Ukrainian companies through all the stages of the WTO dispute settlement process, from the consultation stage to the implementation of recommendations or rulings of the WTO Dispute Settlement Body. The Regulation expressly provides for the right of Ukrainian companies to apply to the MEDT if any WTO member violates the WTO agreements, as well as sets out further procedures (such as for the initiation of a dispute).
In addition, the state bodies and foreign diplomatic missions of Ukraine monitor trade barriers applied by WTO members with respect to Ukraine. When relevant violations are detected, the MEDT must be notified within five business days to initiate the relevant procedures and address the violations.
Although Ukrainian law is silent on how local exporters can refer issues to the Government of Ukraine under bilateral treaties, in practice it is likely that the same procedure can be applied as for violations under FTAs.
Developments and reform
Are there impending developments or proposals for reform affecting international trade in goods and services?
On 27 December 2017, the CMU approved the Export Strategy of Ukraine: Roadmap for Strategic Development of Trade for the Period 2017-2021 (Export Strategy), envisaging an action plan for key vectors of export development in Ukraine. As specified in the Export Strategy, the most promising sectors for Ukraine’s exports are:
The document also provides a list of new markets that would replace traditional export markets where access was restricted due to the political situation. These include the EU, Egypt, India, Belarus, Georgia, Moldova, Japan, China, Bangladesh, and so on. Under the Export Strategy, Ukraine will create institutional and other capacities to facilitate exports.
On 7 February 2018, the CMU adopted a decision to establish an Export Credit Agency that will provide insurance for export credits, external economic agreements and direct investments from Ukraine. The ultimate goals of the Export Credit Agency are to protect Ukrainian exporters from commercial and non-commercial risks and to provide guarantees for the fulfilment of obligations under foreign commercial agreements by foreign buyers.
Ukraine is also revising its legislation in the field of trade defence instruments to fully align it with established WTO jurisprudence. In 2017, the MEDT presented draft laws elaborated together with the legal and business community. These draft laws were submitted for the consideration of the Ukrainian Parliament at the end of February 2018 and are expected to be adopted in the near future.