EU Considers Temporary Trade Adjustments with Ukraine Amid Ongoing Conflict

The European Union is contemplating a return to its earlier trade framework with Ukraine should a revised agreement fall through prior to the cessation of war-related tariff suspicions on June 5, EU diplomats disclosed. The European Commission's proposal suggests this interim period might extend for seven months, or until a fresh deal is operational.

In the wake of Russia's aggressive advances in 2022, the EU scrapped duties on Ukrainian agriculture, aiding Kiev amidst disrupted Black Sea exports. The proposal indicates trade rules would revert post-suspension to those from the 2014 Association Agreement. Discussions are reportedly underway, yet the Commission confirmed no extensions.

Amidst persistent protests from EU agricultural sectors over Ukrainian import surges, the Commission is eyeing import restrictions on specific products. With EU-Ukraine as significant trade partners, the overarching revision seeks Ukraine's compliance with EU standards and balance in agri-product exchange.

(With inputs from agencies.)