Ukraine, EU Ratify Association Agreement

​Ukraine and the EU parliaments simultaneously ratified the economic and political parts of the Association Agreement that will strengthen ties between Kiev and Brussels. Economic integration is postponed until the end of 2015. The document was approved at 1:00pm in Kiev and there was a synchronous signing session in the European Parliament in Strasbourg. Ukraine’s Rada voted 355 votes in favor out of 381 total, and the European Parliament supported the ratification with 535 ‘yes’ votes and 127 against, with 26 abstaining. What is the Association Agreement between Ukraine and the EU? - Establishes a gradual deepening of economic and political ties between Ukraine and the EU - A free trade zone will be established on December 31, 2015 to integrate Ukraine into Europe’s $17 trillion economy with 500+ million consumers - This means Ukraine will lose preferential treatment and access to Russia’s $2.5 trillion and 146 million consumer market - Ukraine will have to meet EU requirements on food safety and product quality - Cooperate on several other issues: energy, industry, taxes, tourism, justice system, law, etc. - It will make it easier for Ukraine to seek financial assistance from the EU “From tomorrow I task the government with approving the implementation of the agreement and immediately implementing it into the force of law,” President Petro Poroshenko said at the ratification in Kiev. Poroshenko said he hopes the agreement will help Ukraine reform its economy and fight corruption, and that someday Ukraine hopes to apply for EU membership. Ukraine "has embarked on the European path and nobody will are to shut the door to the EU membership for Ukraine," the President said, as quoted by ITAR-ITASS. Free trade with Europe’s $13 trillion economy will be postponed until January 2016, due to the weak state of Ukraine’s economy which would make it vulnerable to a sudden influx of European goods. Ukraine will continue duty-free trade with Russia and other CIS states until December 31, 2015, and on January 1, 2016 will begin economic integration with the EU.

http://rt.com/business/188128-ukraine-eu-association-agreement-parliament/