Economics

In 2021, Ukraine–Azerbaijan trade turnover hit a record high of almost $1 billion for the first time over the past seven years. "Despite the pandemic, the trade turnover hit a record high of almost $1 billion for the first time over the past seven years," President of Ukraine Volodymyr Zelensky said at a joint press briefing with President of Azerbaijan Ilham Aliyev, an Ukrinform correspondent reports. Ukraine and Azerbaijan have set a goal to double bilateral trade by 2024, he added. "We also seek to increase the amount of mutual investment and the number of large-scale joint projects. In particular,…

Ukrainian President Volodymyr Zelensky has said he hopes that Azerbaijani businesses will actively participate in the privatization of state property in Ukraine. Zelensky said this at a joint press conference with President of Azerbaijan Ilham Aliyev in Kyiv on Friday, January 14, according to an Ukrinform correspondent. "During our meeting, we separately discussed the prospects for Azerbaijani businesses participating in privatization in Ukraine. We look forward to the active participation of our partners," Zelensky said. He stressed that such participation of Azerbaijani businesses would open up prospects for new mutually beneficial projects in the future. Aliyev is on a working…

Ukraine's free trade agreement with Turkey could be signed in February during Turkish President Recep Tayyip Erdogan's visit to Kyiv. "During the visit, we have discussed economic issues, free trade area. We are now one step away from signing the free trade agreement. We hope that on February 3, when Mr. Erdogan will visit Ukraine, this agreement will be signed and give an even greater impetus to achieving the goal of $10 billion in trade turnover between Ukraine and Turkey," Roman Hryshchuk, co-chair of the Verkhovna Rada Group on Interparliamentary Relations with the Republic of Turkey, told Ukrinform, summing up…

President Zelensky signed the Law of Ukraine "On Amendments to the Law of Ukraine "On Public Procurement" to Create Preconditions for Sustainable Development and Modernization of Domestic Industry". According to the Verkhovna Rada website, the law was returned with the President's signature on January 12. On December 16, the Verkhovna Rada of Ukraine passed at second reading and on the whole the law on the creation of preconditions for sustainable development and modernization of domestic industry, providing for the establishment of localization requirements when purchasing machine-building products. The relevant bill No. 3739 was supported by 323 MPs. The adopted document…

The course towards Ukraine's energy independence is a constant priority of the Cabinet of Ministers and envisages, in particular, the integration of the country's energy markets into the markets of the European Union. "Energy independence is the Government's constant priority. Our tasks include integrating gas and electricity markets into the European Union markets, developing nuclear generation (building new units of nuclear power plants and diversifying nuclear fuel supplies)," Prime Minister Denys Shmyhal said at the Cabinet’s meeting, an Ukrinform correspondent reports. Among the tasks of the Cabinet of Ministers for 2022, the PM also mentioned the increase in domestic energy…

In 2022, Ukraine plans to sign important trade agreements with several countries. “One of the main activities will be the preparations for signing the ‘industrial visa-free regime’ [Agreement on Conformity Assessment and Acceptance of Industrial Products] with the EU, as well as updating trade annexes to the [EU-Ukraine] Association Agreement. In addition, we plan to sign free trade agreements with Turkey, Tunisia, Canada, Jordan, as well as to renew the trade agreement with the United States,” Prime Minister Denys Shmyhal said at the Cabinet’s meeting, an Ukrinform correspondent reports. Earlier, Prime Minister Shmyhal said that the export of Ukrainian goods…

The Government of Ukraine plans to reduce the national debt to 50.8% of GDP in 2022. "Our Government's priorities are still to maintain the sustainability of public finances and macro-financial stability. The intermediate goal for this year is to reduce the national debt to 50.8% of GDP," Prime Minister Denys Shmyhal said at the Cabinet’s meeting, an Ukrinform correspondent reports. He noted that in order to make public policy predictable, the Government will continue the practice of medium-term planning, draft the budget declaration for the coming years and the state budget for 2023 on its basis. "Cooperation with our international…

The Ministry of Infrastructure of Ukraine expects the G7 countries to assist in launching a negotiation process on the liberalization of international road haulage. "Over the past four years, since the conclusion of the Association Agreement, the trade turnover between Ukraine and the European Union has grown by more than 60%. This figure will scale up every year. At the same time, now we see that the Ukrainian exports are being artificially restricted on our borders with the EU,” Minister of Infrastructure of Ukraine Oleksandr Kubrakov said during a meeting with the G7 Ambassadors, Ukrinform reports with reference to the…

Pension payments will continue to grow in Ukraine in 2022, Prime Minister Denys Shmyhal has said. He said this at a government meeting on Wednesday, January 12, according to an Ukrinform correspondent. "An increase [in pensions] is expected this year. There are quite a few stages. In particular, the indexation of pensions is planned from March, including for working pensioners, and the program of additional payments will be extended to persons over 70 years of age. Recalculations will be made for Chornobyl cleanup workers with disabilities, and pensions for 65-year-olds will continue to grow due to the increase in the…