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Ukraine President Petro Poroshenko signs economic and trade agreement with EU

By Marcina Zaccaria ,

On Friday, the Ukraine will sign a sweeping economic and trade agreement with the European Union. President Petro Poroshenko is due to sign the document in Brussels.

"The question is the modernization of the whole economy," economist Volodymyr Sidenko at the Razumkov Center research institute in Kiev told the Associated Press of the deal. "Without institutional change, all the trade and investment will not be very efficient."

The basics of the agreement include an elimination of 98 percent of EU tariffs and 99 percent of Ukranian ones. Experts are hoping that eliminated tariffs will create the possibility for the trade of more goods and services.

Russian government officials have said that they are responding with trade barriers.

According to The Moscow Times, First Deputy Prime Minister Igor Shuvalov was quoted by Interfax as telling reporters in Sochi earlier this week, "We have a possibility of imposing customs-tariff measures at the level of the Russian government."

Former President Viktor Yanukovych planned to sign a deal but decided not to after pressure from Mosow. He was sent into exile after his decision set off protests.

image courtesy of INFphoto.com

 

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