To facilitate Ukraine's access to global markets by ensuring smoother transit through EU countries, the EU and Ukraine have extended their Road Transport Agreement until December 31, 2025.
The agreement was signed on 29 June 2022 following Russia's full-scale invasion of Ukraine, with a provision for automatic six-month renewals, unless one of the parties raises an objection at least three months in advance and provides clear evidence of major disruptions to its road transport market.
"This decision became possible due to the effective implementation of the Agreement, its positive economic impact on both parties, and effective monitoring of its enforcement," the Ukrainian Ministry for Communities, Territories and Infrastructure Development stated.
Since the agreement came into force, EU imports from Ukraine by road have increased by 42% in volume and 28% in value, while EU exports to Ukraine grew by 37% in volume and 50% in value. Notably, Ukrainian road exports have substantially increased, resulting in over 200,000 additional tonnes of goods being exported monthly to the EU.
This expansion in trade underscores the agreement's effectiveness in fostering economic cooperation between the EU and Ukraine.
"Road freight transport between Ukraine and the EU is now critical to the economic resilience of our country, as it is by road that we export value-added goods and import essential supplies," said Deputy Prime Minister for Ukraine's Reconstruction and Minister for Communities and Territories Development, Oleksiy Kuleba.
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Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 5 June, covering the latest developments you need to know.
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