Medvedchuk: FTA with EU failed to replace Ukraine's Russian market

An attempt by the authorities of Ukraine to replace the Russian market with a free-trade area (FTA) with the EU has failed, the leader of the public movement "Ukrainian choice - the right of the people", Kiev’s representative in the humanitarian subgroup on Donbass Viktor Medvedchuk said commenting on the data of the National Bank of Ukraine (NBU).

"According to the NBU, in January-November 2017, Ukraine increased its trade with Russia by 28.6%, and with the EU - by 27.6%. By the end of the second year of the operation of the FTA with the European Union, Ukraine’s trade with Russia is growing at a record pace. After four years of the euro-reform, amid billions of losses and hundreds of broken contracts, it became obvious that the Russian market, Russian investments, joint cooperation were, are and will be strategically important for the Ukrainian economy,” Medvedchuk writes in his Facebook account.

According to him, the attempt to replace them with a free trade area with the EU has failed. "The logic of economic processes has prevailed over the absurdity of the policy of European integrators," Medvedchuk added.

To recall, that the regime of the free trade area (FTA) with the EU came into force in Ukraine on January 1, 2016. In these circumstances, Russia was forced to take measures that neutralize the risks that are emerging for its economy and suspended the operation of the FTA agreement with respect to Ukraine. Before cancellation of the FTA entered into force, all Ukrainian goods, except for sugar, were imported into the Russian Federation without levying duties.