Saturday, June 28, 2014

Ukraine, Moldova, Georgia Sign Association Deals with EU

Georgia, Moldova, Ukraine and the European Union signed association agreements that foresee the creation of a free-trade zone with the EU during a summit in Brussels Friday. Kiev has only signed the economic part of its association agreement. Following the political upheaval in Ukraine, the EU’s heads of state and governments decided to split the association agreement into two parts. The political part of the agreement was signed on March 21. The economic section of the agreement stipulates the free-trade zone is to go into effect in the fall, after it is ratified by the Ukrainian parliament. The Ukrainian Foreign Ministry hopes the legislature will approve the EU association agreement in July. Russia has free-trade agreements with Ukraine and Moldova in the CIS framework while Georgia, which is not a member of the Commonwealth of Independent States, is still party to several CIS trade agreements.

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