Ukraine begins implementation of provisions of Pan-Euro-Mediterranean convention

Source : 112 Ukraine

The use of the convention will extend the possibilities of the Ukrainian producers
15:59, 2 January 2019

112 Agency

The implementation of the regulations of the Pan-Euro-Mediterranean convention between Ukraine and the European Union has begun on January 1, 2019, as the Ministry of Economic Development reported.
The implementation of the Regional convention on the Pan-Euro-Mediterranean preferential rules of the origin will increase the profit for the national exporters and extend their possibilities.

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“They will be able to use the principle of the diagonal cumulation of products’ origin, which is used between the partakers of the Convention if there are the regimes of the free trade between them. In practice, the implementation of the regulations of the Pan-Euro-Mediterranean convention means that the Ukrainian producer will be able to purchase the raw material and components from one of the sides participating in the Convention and export the ready production to another partaker of the Convention without payment of the tax or discounted rate of tax. It will promote the opening of new production capacity, greater use of the productive capacity, attraction to the regional and international chains of the creation of value added,” the message said.

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At the moment, 25 sides participate in the Convention, particularly: EU, EFTA countries (Iceland, Liechtenstein, Norway, Switzerland), Albany, Algeria, Bosnia and Herzegovina, Georgia, Egypt, Israel, Jordan, Lebanon, Kosovo, Macedonia, Morocco, Moldova, Palestine, Serbia, Syria, Tunisia, Turkey, Ukraine, Faroe Islands and Montenegro. Ukraine has concluded the agreements on the Free Trade Area with the EU, EFTA, Georgia, Macedonia, Moldova and Montenegro. It prepares for the signing of the agreement on the Free Trade Area with Israel. The negotiations on the concluding of the Free Trade Area between Turkey and Ukraine continue.

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