Stepan Kubiv, First Vice Prime Minister and the Minister of Economic Development and Trade, offered to start bilateral consultations during his visit to Beijing at the meeting with Liu He, the Vice Premier of China’s State Council.
'In a couple of years, Ukraine has expanded its network of preferential regimes of trade. We have a new agreement on free trade with Canada; we have conducted talks on free trade with Israel; we are negotiating with Turkey. These agreements are effective. Therefore, I suggest to start Ukrainian-Chinese consultations on the creation of free trade zone between the countries,' Kubiv stressed.
The Ministry of Economic Development and Trade informs that over eight months of 2018, trade between Ukraine and China increased by 21% and made around $6 billion. It was also reported that the amount of trade does not comply with the existing capacity.
Kubiv thinks that in the next five years, the trade can be increased to $20 billion per year.
Over the years of independence, Ukraine has concluded almost twenty agreements on free trade with some 45 countries.
Now, the negotiations on the free trade zone with Israel are on a final stage.
The Chinese economy is on the second place in the world after the U.S. for nominal GDP and the first one for GDP at purchasing power. China’s GDP rose by 6,5% in the third quarter of 2018, which was under the expectations due to trade wars with the U.S. Such GDP growth in China is the lowest since 2009.