European Union proposes temporary tariff cuts for Ukraine

The European Commission on Tuesday adopted a proposal for temporarily removing customs dutieson Ukrainian exports to the European Union (EU).

The annual value of this support measure will be nearly 500 million euros ($692 million) in tariff reductions, of which almost 400 million euros accrue to the agricultural sector, Xinhua reported.

"The European Commission is committed, and ready, to support Ukraine to stabilise its economic and financial situation," said European Commission President Jose Manuel Barroso.

"The idea is for the EU to open its doors to exports from Ukraine, helping to give a real boost to Ukrainian businesses," said EU Trade Commissioner Karel De Gucht.