The EU is Ukraine's largest trading partner and its largest market. In 2006 the EU absorbed 25% of Ukraine's exports worth €8.7 billion and provided 42% of its imports worth €17.8 billion.
In 2006, the European Commission proposed a new Enhanced Agreement with Ukraine that would include the negotiation of a free trade area to strengthen the economic integration between the two economies. WTO Membership is the necessary foundation for such an agreement.
WTO membership will bring significant benefits for Ukraine. It will provide it with guaranteed access to the markets of all other WTO members, including the EU. It creates a degree of certainty and stability in openness of the Ukrainian market that will help attract new trade and investment. It will be a highly significant step in Ukraine's integration in the global economy.
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