|
|
|
Division
of
Investment and Export
PO Box 7970
Madison, WI 53707-7970
USA
|
|
Subscribe
Send
to a Colleague
Feedback
View
All
Issues
|
Vol.
7 #4, March 2008
Ukraine Enters WTO after 14 Years of Negotiations
When it broke away from the USSR in the early 90s, there were high
expectations for the country that have not been met. It is hoped
that membership in the World Trade Organization (WTO) will spur further
economic reform and development in the country.
Ukraine is Europe’s second largest country by area, has a large
and generally well-educated population (46.6 million people) and
possesses of some significant natural resources and an existing
industrial base. The country has good trade access through the
Black Sea and there is a significant Ukrainian Diaspora in the United
States, Canada, Europe and Australia. The World Bank estimated
Ukraine’s nominal GDP at $106.1 billion.
The WTO General Council approved Ukraine for membership on February
5. Ukraine will have to ratify the deal by 4 July 2008 and would
become a WTO member 30 days after the ratification. As outlined
in its market access schedules, Ukraine will have its customs duties
capped at rates ranging between zero and 50 percent (bound rates). Some
reductions will not reach their final rate until 2013.
Ukraine’s average tariff bindings are 10.66 percents for
agricultural products and 4.95 percent for industrial goods.
|
|
|
|
