Switching over to EU trade standards will cost Ukraine €165 billion over the next 10 years, Russian President Putin warned at a meeting with President Petro Poroshenko in Minsk on Tuesday.
Russia will be forced to cancel all preferential trade agreements for Ukraine’s imports and switch to a standard regime when it ratifies its EU trade association agreement in September, the President said.
“In full accordance with the terms of agreement with the CIS free trade zone and WTO standards, we will be forced to cancel preferential imports from Ukraine,” Putin said.
In response, Ukrainian President Petro Poroshenko said that he would like to establish a monitoring group to assess the actual damage of Ukraine’s association with the EU.
“Today we can agree to set up a monitoring group that will assess real and not hypothetical potential damage,” said Poroshenko. “After this damage is calculated we can put in protection mechanisms.”
Moscow has warned Kiev that signing the Association Agreement (AA) with the EU would be economic suicide, and Moscow is also poised to suffer a €2 billion blow, according to Putin.
“Entire sectors of industry and agriculture business will be hugely impacted, and there will be negative implications on the pace of economic growth and employment,” the Russian President said.
Losses will not only be absorbed by Russia, but also by Customs Union members Belarus and Kazakhstan, he added.
The Minsk talks are the first meeting between Putin and Poroshenko since early June when the two informally met on the sidelines of the World War II commemoration ceremony in Normandy.
Complete story at - Ukraine’s transition to EU trade standards will cost €165bn - Putin — RT Business
Russia will be forced to cancel all preferential trade agreements for Ukraine’s imports and switch to a standard regime when it ratifies its EU trade association agreement in September, the President said.
“In full accordance with the terms of agreement with the CIS free trade zone and WTO standards, we will be forced to cancel preferential imports from Ukraine,” Putin said.
In response, Ukrainian President Petro Poroshenko said that he would like to establish a monitoring group to assess the actual damage of Ukraine’s association with the EU.
“Today we can agree to set up a monitoring group that will assess real and not hypothetical potential damage,” said Poroshenko. “After this damage is calculated we can put in protection mechanisms.”
Moscow has warned Kiev that signing the Association Agreement (AA) with the EU would be economic suicide, and Moscow is also poised to suffer a €2 billion blow, according to Putin.
“Entire sectors of industry and agriculture business will be hugely impacted, and there will be negative implications on the pace of economic growth and employment,” the Russian President said.
Losses will not only be absorbed by Russia, but also by Customs Union members Belarus and Kazakhstan, he added.
The Minsk talks are the first meeting between Putin and Poroshenko since early June when the two informally met on the sidelines of the World War II commemoration ceremony in Normandy.
Complete story at - Ukraine’s transition to EU trade standards will cost €165bn - Putin — RT Business
No comments:
Post a Comment
All comments subject to moderation.