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ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperOpinion / Op-Ed ContributorsEditorialsOp-EdColumnistsContributorsCartoonsSpecialsFrom the PressForum TrendsFrom the ReadersDebateEditors Pick:Syrian refugeescyberspaceV-Day paradeshrimp scandalTPPUkraine has to wait for EU membershipBy Zhu Honggen (China Daily) Updated:2014-09-29 07:53Comments Print Mail Large Medium SmallThe Association Agreement between the European Union and Ukraine was ratified by Verkhovna Rada, the Ukrainian parliament in mid-September, with the European Parliament ratifying it simultaneously. Although the economic component of the agreement – the free trade deal – will not be implemented until Dec 31, 2015, the ratification of the agreement by Rada indicates Ukraine has paved its path toward European integration.The agreement was negotiated between the EU and Ukraine under the Eastern Partnership Project, and included subjects such as political and economic reform, free trade zone, border control and visa procedure. Until sometime before a scheduled meeting in Vilnius, Lithuania, in November last year, when former Ukrainian president Viktor Yanukovych suspended the proposed EU pact, integration with Europe seemed to be the priority of Ukraines foreign policy. Yanukovychs decision provoked protests in many parts of Ukraine throwing the country into a political crisis. The result: a radical change in the domestic political scene.Yet despite the referendum in the Crimea, armed conflict in the eastern regions of Donetsk and Lugansk, and a sharp economic downturn and fiscal crisis, the new Ukranian government went ahead and signed the agreement with the EU on June 27.The agreement has far-reaching consequences both for Ukraine and the EU. Once it is implemented, Ukraine has to deepen its political reform to cleanse the countrys business environment. Ukraines economy is characterized by an unfavorable business climate, imperfect law enforcement, rampant corruption and shadow economy. Also, its per capita GDP is just about $4,000 – far less than that of neighbors.The political reform, the EU believes, will unlock Ukraines economic potential given its strong chemical industry, achievements in science and technology, educated and skilled workforce, huge market and advantages in agriculture.As a comprehensive pact, the free trade deal will require Ukraine and the EU to open their commodity markets to and cut customs duty for each others products. It is also intended to remove tariff barriers and facilitate free migration of labor and free flow of capital between the two sides. Apart from expediting bilateral trade, the implementation of the deal is also expected to help Ukraine attract EU capital, which can breathe life into the countrys economy that is suffering from overly high rate of consumption, low rate of fixed asset investment and savings, persistent current account deficit, and constant pressure of the falling currency, hryvnia.Previous Page1 2 Next PagePrevious Page1 2 Next Page8.03KRelated StoriesConflicts in Ukraine remain cause of concern: FMBuffer zone to be set up in eastern UkraineUkraine grants special status to eastern regionsRussia warns to exclude Ukraine from CIS free trade zoneMost Viewed Todays Top NewsChinese sci-fi flicks have yet to set sailNo late recovery of justiceRussia has ability to tide over oil crisisRapid rise thanks to balanced structureParliament win gives Abe a free handForum TrendsWhat to give: Cash or gift?7 reasons I came to ChinaAre traditional family values outdated?Should parents tell kids about their past?Are you addicted to online shopping?Would you consider prenuptial agreement?Six Chinese customs foreigners cant understandColumnistsSo just who is the real sissy, then?Fractured Lima deal to save the planetFeatured ContributorsNo more ugly Chinese tourists, pleaseGrowth down, stock index upStar BloggersMy life with a blog in 2014 By Judy_zhuIve been thinking about writing an article to summarize my life in the past year, 2014, and I saw the topic popping out yesterday. What a wonderful coincidence!Tired of shopping By lexaleeNews outlets were probably inspired by the Alibaba IPO earlier this fall, and the company would like nothing more than to inspire Americans to open their wallets as widely as Chinese do for November 11.Cheating and dishonest people damage China’s reputation By MichaelMSince coming to China Ive met some very kind, nice and honest people. However, there are those who will cheat you with little or no concern for their own reputation.SpecialNanjing bookseller adds passion in the pagesThe new normal of Chinas economySenior immigrants adapt to city life…| About China Daily | Advertise on Site | Contact Us | Job Offer |Copyright 1995 -. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. 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