New Era of Trade Relations

In a significant move to bolster its economy, Ukraine, under the leadership of Prime Minister Denys Shmyhal, has inked a pioneering free trade agreement with the European Free Trade Association (EFTA). This landmark deal introduces comprehensive chapters on e-commerce, support for small- and medium-sized enterprises, and updates on trade in goods, among other critical areas.

Economic Integration and Market Access

The agreement not only revises provisions on trade facilitation and government procurement but also enhances market access for goods, liberalizing trade in specific categories. Prime Minister Shmyhal emphasized that this agreement is a crucial step towards deeper integration into European supply chains, marking a new chapter in Ukraine's economic development.

Trade Volume and Key Exports

Last year, trade between Ukraine and the EFTA members—Iceland, Liechtenstein, Norway, and Switzerland—reached nearly €1.1 billion. Ukraine's exports were dominated by fats and oils, valued at €37 million, while the EFTA countries exported fish and seafood worth €229 million, pharmaceutical products at €143 million, and arms and ammunition totaling €77 million, showcasing the diverse nature of this trade relationship.