The main event of 2014 is the political and economic association of Ukraine with the European Union. Following the creation of a free trade zone, the trade and economic partnership is expected to grow in more than 30 sectors of the economy, including agriculture, manufacturing and energy supply.
Ukraine is the second largest state in Europe, exceeding France, Spain and Germany in area. The country is located at the crossroads of transport corridors from the north of Europe to Turkey in the south and from east to west, from Russia and Asia to Central Europe.
The association of Ukraine with the European Union has taken place on 27 June, 2014.
The gradual re-orientation of the geographic priorities of the external trade of Ukraine took place from 2011-2013. Today, the main trading partners of Ukraine are European countries. The trade turnover between Ukraine and the EU surpassed the volume of trade with Russia for the first time in 2014, reaching 35% of the total volume of external trade.
President of Ukraine Petro Poroshenko signed the economy and trade part of the European Union Association Agreement on the 27th of June 2014. The extension of the trade and economic partnership is expected in more than 30 sectors of the economy, including agriculture, industry, energy supply and the protection of the rights of consumers.
According to the results for 2013, the GDP of Ukraine comprised $182.1 billion. Current events have led to a slowdown in the development of the economy in the country, with a forecast of a fall in GDP of around 6% in 2014. However, the Ministry of Economy of Ukraine is sure of the quick restoration of the economy after peace returns to all regions of the country and forecasts 1.5% growth in 2015.
Global businesses have been investing into Ukraine for a long time. According to data from the State Statistics Committee of Ukraine the total volume of foreign investment into the economy of the country comprised $58.38 billion, including $44.423 billion from the countries of the European Union. The main sources of investment are Cyprus, Germany, Netherlands, Russian Federation, Austria, United Kingdom, British Virgin Islands, France, Switzerland and Italy.
Today, Ukraine actively imports European mechanical machinery,
transport, pharmaceuticals, electrical machinery, plastics and polymers, paper
and cardboard, food and drink products, agricultural machinery and other
The structure of export to the European Union is comprised of ferrous metallurgy, ores, crops, electrical machinery, oil seeds and fruits, mineral fuels, wood and wooden products.
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