The European Union has announced its full readiness for free trade with Ukraine from 1 January 2016, President of Ukraine Petro Poroshenko wrote on his Facebook page.
"The EU has just declared its readiness for a free trade area with Ukraine from 1 January 2016. We have received a note from the EU Council on completion of all the procedures for the launch of the free trade area. Now, there are no obstacles. We will begin in the new year!" Poroshenko wrote.
As reported, Ukraine ratified the text of its Association Agreement with the European Union on 16 September 2014. Poroshenko immediately signed the relevant law in the session hall of the parliament.
The document could not enter into effect fully on 1 January 2015 because in addition to ratification by the Ukrainian parliament and the European Parliament, it still required approval by all the 28 member states of the European Union.
At the same time, the European Union decided to temporarily apply provisions of the agreement before the end of this process. In the economic area, it was agreed to extend by one year the trade preferences that the European Union introduced for Ukraine in March 2014. Introduction of the other provisions of the agreement on free trade area was postponed for a year - until 31 December 2015.
The signing of the association agreement between Ukraine and the European Union was divided into two phases: the political part of the document was signed on 21 March this year and the economic part after the presidential elections in Ukraine, which Poroshenko brought government to power.
