ARTICLE · 23 JANUARY 2013

Annual Review: International Trade

Sayenko Kharenko

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In 2012 a number of foreign trade issues were making headlines in Ukraine.One of the most important and anticipated changes was entering into force of the new Customs Code of Ukraine. Furthermore, Ukraine continued its efforts in regional trade liberalization including ratification of the new CIS Free Trade Agreement, the Free Trade Agreement with Montenegro.

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Tatyana Slipachuk

Nataliya Mykolska

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In 2012 a number of foreign trade issues were making headlines in Ukraine.One of the most important and anticipated changes was entering into force of the new Customs Code of Ukraine. Furthermore, Ukraine continued its efforts in regional trade liberalization including ratification of the new CIS Free Trade Agreement, the Free Trade Agreement with Montenegro. Last but not the least, one of the most controversial changes was the Ukrainian Government's move for tariff renegotiation within the WTO, which raised strong concerns among Ukraine's trade partners.

NEW CUSTOMS CODE OF UKRAINE

On 13 March 2012 the Parliament of Ukraine adopted the new Customs Code of Ukraine No. 4495-VI (the Customs Code) with proposals submitted by the President of Ukraine. The Customs Code entered into force on 1 June 2012. The Customs Code contains a number of positive changes in order to ease the activity of business entities. Within the second half of 2012, the Ministry of Finance of

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