European Parliament Supports Integration of Ukrainian and European Economies

KYIV, Ukraine, November 15, 2011 -

Both parties of the Ukraine-EU Association Agreement could benefit from integration of Ukrainian economy into the European one, according to the MEP Pavel Zalevsky. On November 14 the European Parliament adopted recommendations for the European Commission and the Council of the EU on the deep and comprehensive free trade zone part of the Association Agreement with Ukraine, according to Interfax Ukraine.

The European Parliament recommended supporting finalization of the free trade zone negotiations before the end of the current year. “This is an important issue for the European Parliament… Besides, it is the Parliament’s responsibility to ratify the deep and comprehensive free trade zone agreement,” commented Zalevsky, the reporting member for the Parliament’s Committee on International Trade.

Moreover, the recommendation urged to implement reforms, which would promote modernization of Ukraine’s infrastructure. Also, the European Parliament stated that finalizing the Association Agreement would strengthen the rule of law in Ukraine and improve investment climate in the country. The agreement is also expected to promote European standards and democratic principles.  

The recommendation further promoted the benefits of Ukraine’s integration into the European economy. Earlier European Commissioner Karel De Gucht stated that implementation of the agreement would enhance the creation of a more predictable climate for doing business as well as attract new investments into the country’s economy. The Committee on International Trade, according to Zalevsky, highlighted the importance to set a goal for initializing the preliminary implementation of the Association Agreement as a whole. The Parliament urged for the political and economic parts of the agreement to be integral.  

The Association Agreement with Ukraine is expected to be finalized on Thursday, November 17, by the vote of the Committee on Foreign Affairs of the European Parliament. Nonetheless, the European Parliament raised some demands in its previous resolution on Ukraine [regarding the Ex-prime Minister Tymoshenko's criminal case]. Nonetheless, there have been concerns that some MEPs will not initial the agreement in December, commented Zalevsky.  

On October 20, 2011, the parties agreed on all the key aspects of the trade related part of the Association Agreement during the course of the negotiations in Brussels. The Agreement on creating deep and comprehensive free trade zone will become a core part of the Association Agreement, negotiated since 2007.

For more information, contact Maryna Khorunzha +380-443324784 news at wnu-ukraine.com, Project Manager at Worldwide News Ukraine.