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Ukraine and Poland signed a memorandum on the development of trade facilitation instruments

03 June 2022 14:03

Ukraine and Poland signed a memorandum on the development of trade facilitation instruments

The Ministry of Economy of Ukraine and the Ministry of Economic Development and Technology of Poland signed a Memorandum on the development of trade facilitation instruments. The purpose of the agreement is to strengthen economic cooperation between Poland and Ukraine through trade facilitation with an emphasis on providing insurance coverage for the supply of goods and services.

Under the Memorandum, Poland and Ukraine have committed to establishing a clear mechanism to ensure insurance coverage for the delivery of goods and services.

It concerns the insurance of transport and cargo that Polish partners will import to Ukraine. In particular, this can be done through the Polish export credit agency KUKE.

"One of the options can be guarantees from the Governments of Poland and Ukraine. The Ukrainian Government will consider depositing funds in a special account or providing a state financial guarantee," First Deputy Prime Minister of Ukraine - Minister of Economy Yulia Svyrydenko.

As a result of the implementation of this Memorandum, Ukraine will receive an increase in trade with Poland. In 2021, Poland ranked first among European countries (turnover of goods and services worth $10.7 billion). And in January-March it grew by another 11%. It is through Poland that strategically important goods arrive in Ukraine. Including defense products and fuel.

"The Polish direction has become key for Ukrainian exports after the enemy blocked the Black Sea ports. The future of the agricultural sector and metallurgy depends on how quickly and efficiently we can expand export routes to the west. Thanks to these insurance instruments, Ukrainian business will be able to attract a huge list of Polish logistics companies to service the increased volume of export-import operations. In addition, Poland has become a hub for collecting and sending humanitarian aid from other countries to Ukraine. Half of the humanitarian cargo arrives through its territory," Yulia Svyrydenko stressed.

The safety of goods and transport will be guaranteed through the insurance mechanisms provided by the memorandum. Thus, the aggressor will not interfere with Polish-Ukrainian trade relations, while Ukraine will pave a wide path to the European Union, the gateway to which is located in Poland.

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