The European Parliament decided to support the Ukrainian economy – what changes were adopted

In addition to financial assistance, Western states are trying to support the Ukrainian economy with various measures. In particular, the abolition of duties.

Thus, the European Parliament supported the abolition of all EU import duties on exports from Ukraine. This is reported by the European Truth.

What changes await us

515 deputies voted for a temporary suspension of import duties for 1 year. 32 deputies opposed the decision, and 11 abstained.

According to the document, Import duties are waived for the following products:

• for industrial products;
• fruits and vegetables;
• anti-dumping duties and steel import precautions are abolished.

While the changes have not entered into force, they will become effective when the corresponding document is published in the Official Journal of the EU.

Recall that Ukraine is the fifteenth largest partner of the European Union.

“Under the Association Agreement with the EU, Ukrainian companies have had preferential access to the European market since 2016. Now the EU is Ukraine’s largest trading partner – it accounts for more than 40% of trade in goods”the message says.

How will the economy react to a long war with Russia

Earlier, Segodnya wrote that if the hostilities with the aggressor are prolonged, then the GDP of our country in 2022 will decrease by 39%.

“This will be a big blow to the economy – its losses will amount to 39% of GDP, if there is no truce and the war continues all year. If there is a truce, we predict an economic decline of 20%” – said the head of Dragon Capital Tomas Fiala.

Fiala also added that the devaluation of the Ukrainian hryvnia would be “not too dramatic.” Inflation in our country in 2022 is expected to reach 20%.

We also talked about how the IMF evaluates the Ukrainian economy during the war, and wrote about how the Ukrainian economy will work after the war with Russia.