Ukraine estimates losses from Russia`s discriminatory trade restrictions

Ukraine has lost $98 billion worth of trade volume due to the discriminatory and unlawful restrictions on the part of the Russian Federation, according to the report on the revision of the country`s trade policy in the World Trade Organization published on the website of the Ministry of Economic Development and Trade of Ukraine.
”The volume of trade with the Russian Federation, formerly the largest trading partner, has been declining gradually since 2012 (from 24.3% of total trade volume in 2012 to 12.7% in 2015), mainly due to the introduction of illegal and discriminatory trade restrictions, while the losses in Ukraine`s trade amounted to about $98 billion,” reads the report.
According to the document, the reduction of trade volume between Ukraine and the European Union was due to the fall in world prices for raw materials, but the share of Ukrainian exports to Europe rose from 22.3% in 2012 to 34.1% in 2015.
As UaPosition reported earlier, at a meeting of the WTO Council for Trade in Goods, Ukraine put forward the requirement to Russia to immediately lift all trade restrictions, including blocking the transit.
The requirement of Ukraine was supported by eight members of the G20 – the EU, the U.S., Canada, Australia, Japan, Turkey, Switzerland and South Korea.
Ministry of Economic Development and Trade of Ukraine is studying the situation concerning the obstacles faced by Ukrainian exporters, transporting their products to Asia and the Caucasus via the Russian Federation.
In February of this year, Ukraine and Russia blocked the mutual transit of cargo trucks within the general reciprocal sanctions. However, from February 25 – as a result of the negotiations – the transit was resumed. The National Police defined transit routes for the passage of Russian trucks through Ukraine. Thus, the routes involve movement to / from Russia through two border crossing points in Sumy and Kharkiv regions.

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