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Ukraine to replace loss of Russian market with those of Asian and African countries
14:29, 15 January 2016
Ukraine to replace loss of Russian market with those of Asian and African countries

It’s a forced step to progress and development, Head of the Committee of Economists of Ukraine says

14:29, 15 January 2016

112 Agency

Ukraine could replace the economic losses it suffered because of being forced out of Russian market. Head of the Committee of Economists of Ukraine Andriy Novak said this in an interview with Radio Liberty.

“The Ukrainian export to Russia and the EU is quite different in its structure. It means we exported different goods, so the EU market can’t make up for the losses we suffered at the Russian market.  However, we can make it up with selling our goods at markets of Asian, Arab and Latin American countries. Quality standards and requirements at these markets are close to those of the Russian one”, the expert said.  

“It’s a forced step to progress and development”, he added.

Since January 1, 2016, Russia postponed the Agreement on free trade area with Ukraine, which means Russia will impose custom duties on the imported Ukrainian goods. This step made by the Kremlin is viewed as Russia’s reaction to the implementation of the Deep and Comprehensive Free Trade Area between the EU and Ukraine. That also took place on January 1, 2016.

Russia also banned imports of Ukrainian food and agricultural products, which came into effect on January 1, 2016. The ban is considered Russia’s answer to international economic sanctions imposed on the country.  At the same time, Russian President Putin signed a decree on particular restoration of the free trade area with Ukraine, concerning export of natural gas.

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Related: Russia's Federal Council suspends free trade area agreement with Ukraine

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