The European Parliament extended simplified trade with Ukraine and Moldova for a year

The European Parliament voted to continue the trade liberalization with Ukraine and Moldova until mid-2025, on the initiative of the European Commission.

The vote took place in Strasbourg, at the plenary session, where the majority of the 347 deputies voted "for", while 117 were "against", and 99 abstained, reports "Interfax-Ukraine".

Lithuanian deputy Sandra Kalniete presented a report on this topic. The essence of the decision is to cancel import duties and export quotas on agricultural products from Ukraine for another year, helping the country in wartime conditions with Russia.

The legislation provides for the possibility of quick reactions by the European Commission to potential market disruptions caused by Ukrainian imports and introduces protective measures for critically important agricultural goods.

Ukraine must adhere to democratic standards and fight corruption to maintain these preferences.

The Council of the EU is expected to approve this decision soon, and it will come into effect after publication.

Since 2016, Ukrainian business has had preferential access to the EU market thanks to the Association Agreement, and with the onset of Russian aggression against Ukraine in 2022, the EU has already provided duty-free access to its market.

It was previously reported that the US Department of Energy raised the estimate of the Brent oil price by five dollars per barrel for 2024-2025, justifying this decision with the continuation of production restrictions by OPEC+.