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Flash report#35 - Trade terms to be improved. The US and Canada look to improve trade terms with Ukraine
PwC, Kyiv, Ukraine,Wed, July 29, 2015
The United Statesupdated their Generalized System of Preferences (GSP) and starting from today,the majority of goods originating from Ukraine may be imported on a duty-freebasis. Such preference will be valid until December 31, 2017.
Moreover, the updated GSP provides that US importers may be eligible for arefund of previously paid customs duty on Ukrainian goods imported startingfrom July 31, 2013 (retroactively), if these goods are eligible for the GSP.
Exemption and refund of import duty under the GSP are subject to severeconditions (e.g. criteria of origin, “direct importation” rule, competitiveneed limitations etc).
Canada and Ukraineannounced their conclusion of the Free Trade Agreement**.
The Agreement is expected to provide for the elimination of Ukrainian customsduties on most of Canada’s current exports (including industrial products, fishand seafood, agricultural products etc).
In its turn, Canada will eliminate the customs duties on almost all goodscurrently imported from Ukraine (including industrial products, sunflower oil,sugar, baked goods, ceramics, iron and steel, minerals etc).
The Agreement also sets provisions related to removing non-tariff barriers intrade, improving access to government procurements and cooperating in manyother areas.
* https://www.congress.gov/bill/114th-congress/house-bill/1295
** http://www.international.gc.ca/trade-agreements-accords-commerciaux/agr-acc/ukraine/canada-ukraine.aspx?lang=eng