2012 Major Foreign Trade Milestones: Ukrainian Rollercoaster

In 2012 a number of foreign trade issues affecting Ukrainian and foreign businesses were making headlines in Ukraine. One of the most important and expected was the coming into force of the new Customs Code. Secondly, there were a number of landmark developments in trade remedies proceedings. Thirdly, Ukraine continued its efforts in regional trade liberalization, including ratification of the new CIS Free Trade Agreement. Notwithstanding these efforts, there were a number of issues with Ukrainian exports to Russia. Last but not the least, one of the most controversial was the Ukrainian Government's move for tariff renegotiation within the WTO, which raised strong concerns among Ukraine's trade partners. This brief overview will focus on these key developments.