UK exit from the European Union following the result of the EU referendum will not have a significant influence on Ukraine`s financial position but has to be taken into account when defining the national policy, also in terms of trading partners diversification, said Ukrainian Minister of Economic Development and Trade Stepan Kubiv at a briefing in Kyiv.
”The decoupling process in the EU is social and political rather than economic in nature. But this factor can affect the economic growth within the euro zone, and therefore it is important for the fiscal policy and foreign trade,” Kubiv said.
In turn, Deputy Economy Minister Yuliya Kovaliv, who was present at the briefing, also confirmed that UK exit is not expected to have a significant impact on Ukraine`s financial situation.
”We do not expect any financial destabilization,” she said.
At the same time, Ukraine`s trade representative Nataliya Mykolska noted that the government expects the European Commission to decide on a specific mechanism for UK to leave the EU, after which it will focus on the elimination of adverse consequences for the economy.
”We are waiting to see the formal position of the EC as to how it views this process so that we could help Ukrainian business and our economy offset negative effects that it [process] may have for us. Being aware of the fact that the European Union is our main trading partner, the economic decline there may impact our economy a priori. A significantly strong dependence on any trading partner always carries risks for the economy. The task of our government is to strengthen the presence on the existing markets and provide access to new ones,” the trade representative stressed.
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