The EU is preparing to impose higher custom duties on Ukrainian imports within weeks, dealing a blow to Ukraine’s economy at a critical moment in its fight against Russian aggression. 

The decision to end special trade agreements that allowed most Ukrainian goods to enter the EU duty-free was made after Poland led efforts to protect the bloc’s farmers. European diplomats stated that this transitional proposal, recently sent to EU member states, will sharply reduce duty-free quotas for agricultural products. The most significant impact will be on corn, sugar, honey, and poultry. The annual corn quota will decrease from 4.7 million tonnes to 650,000 tonnes. The poultry quota will drop from 57,000 tonnes to 40,000 tonnes, and the sugar quota will fall from 109,000 tonnes to 40,700 tonnes. A European Commission representative confirmed that wartime arrangements will not be extended, as “we are currently working on revising” the free trade agreement between the EU and Ukraine.

The Ukrainian government estimates that reverting to pre-war trade conditions will reduce the country’s revenues by approximately €3.5 billion annually.

Reference source: http://surl.li/asdwertyuio