‘ EU Countries Planning to Tell Russia They Will Not Rewrite Ukraine Trade-Pact ‘

#AceFinanceNews BRUSSELS September 27 EU countries are planning to tell Russia it has no say on changing the Ukraine trade treaty despite its demand to rewrite the text.

The joint declaration, by the EU Council and European Commission, is to say the trade pact: “is a bilateral [EU-Ukraine] agreement and any adaptations to it can only be made at the request of one of the parties and with the agreement of the other”.

It notes Ukraine should “continue the process of envisaged reforms and economic modernisation” related to Titles III, V, VI and VII, of the pact.

It also says Ukraine should go ahead with “adequate preparation for the implementation of Title IV”.

Titles III, V, VI, and VII of the pact spell out reforms in the areas of justice and security, economic affairs, financial and anti-fraud matters, and institution-building.

Title IV deals with trade and the mutual lifting of tariffs on EU and Ukrainian exports.

The EU declaration is to be published in Brussels on Monday (29 September) by ministers at general affairs council.

Ministers will the same day adopt a legal act saying the bulk of the treaty is to be implemented “without delay”, but that article IV is to be implemented on 1 January 2016.

EU countries are also planning to extend “autonomous trade measures” – low or zero-rate tariffs for exports of most Ukrainian goods to Europe – from November until January 2016. But the legal text is not yet ready for adoption.

The delay of Title IV is in line with an EU-Russia-Ukraine deal on 12 September.

It comes after Russia threatened to impose trade sanctions on Ukraine on grounds it will be flooded by cheap EU goods re-exported from Ukraine.

The declaration on the “bilateral” mechanism for altering the treaty comes after Russia also demanded a role in altering the content of the text in the run-up to 2016.

Source:

#AFN2014

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