On May 21, the President of Ukraine, Volodymyr Zelenskyi, signed a law ratifying Decision No. 2/2024 of the Joint Committee of the Regional Convention on Pan-Euro-Mediterranean Preferential Rules of Origin. The implementation of this law will ensure unimpeded trade of Ukraine with European partners during the transition to the updated rules, which came into effect on January 1, 2025. Relevant information contains in the draft law card on the website of the Verkhovna Rada.
According to the provisions of the Convention, until the end of 2025, countries will be able to use both current and updated rules for determining the origin of goods. Certificates issued under the old rules before January 1, 2025 or 2026 will remain valid if the goods are in transit or under customs control. “REVISED RULES” must be indicated in the documents issued in accordance with the new requirements. Countries are also required to regularly notify each other of changes in regulations.
“Thus, Ukrainian exporters will maintain the continuity of trade with the EU and adapt to new requirements more easily.” – noted in the press service of the parliament.
We will remind that on May 13, the Council of the European Union decided to extend the suspension of import duties and quotas for Ukrainian exports to EU countries for another year. However, unlike the previous two years, this time due to protests by European farmers, the duty-free regime was extended with certain restrictions.
In 2024, Ukraine exported goods worth $41.627 billion, which is $5.44 billion or 15% more than in 2023. In physical volume, exports reached 131.179 million tons, which is 30.8 million tons or 30.8% more. Imports during the same period increased by 8.6% to $69 billion.
