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Last updated on April 17, 2014 at 11:16 EDT

European Parliament Supports Integration of Ukrainian and European Economies

November 15, 2011

KYIV, Ukraine, November 15, 2011 /PRNewswire/ –

Both parties of the Ukraine-EU Association Agreement could benefit from
integration of Ukrainian economy into the European one, according to the MEP
Pavel Zalevsky. On November 14 the European Parliament adopted
recommendations for the European Commission and the Council of the EU on the
deep and comprehensive free trade zone part of the Association Agreement
with Ukraine, according to Interfax Ukraine.

The European Parliament recommended supporting finalization of the free
trade zone negotiations before the end of the current year. “This is an
important issue for the European Parliament… Besides, it is the
Parliament’s responsibility to ratify the deep and comprehensive free trade
zone agreement,” commented Zalevsky, the reporting member for the
Parliament’s Committee on International Trade.

Moreover, the recommendation urged to implement reforms, which would
promote modernization of Ukraine’s infrastructure. Also, the European
Parliament stated that finalizing the Association Agreement would strengthen
the rule of law in Ukraine and improve investment climate in the country.
The agreement is also expected to promote European standards and democratic
principles.

The recommendation further promoted the benefits of Ukraine’s
integration into the European economy. Earlier European Commissioner Karel
De Gucht stated that implementation of the agreement would enhance the
creation of a more predictable climate for doing business as well as attract
new investments into the country’s economy. The Committee on International
Trade, according to Zalevsky, highlighted the importance to set a goal for
initializing the preliminary implementation of the Association Agreement as
a whole. The Parliament urged for the political and economic parts of the
agreement to be integral.

The Association Agreement with Ukraine is expected to be finalized on
Thursday, November 17, by the vote of the Committee on Foreign Affairs of
the European Parliament. Nonetheless, the European Parliament raised some
demands in its previous resolution on Ukraine [regarding the Ex-prime
Minister Tymoshenko's criminal case]. Nonetheless, there have been concerns
that some MEPs will not initial the agreement in December, commented
Zalevsky.

On October 20, 2011, the parties agreed on all the key aspects of the
trade related part of the Association Agreement during the course of the
negotiations in Brussels. The Agreement on creating deep and comprehensive
free trade zone will become a core part of the Association Agreement,
negotiated since 2007.

SOURCE Worldwide News Ukraine


Source: PR Newswire