🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

WTO panel says Ukraine import surcharges unjustified

Published 06/25/2009, 12:07 PM
Updated 06/25/2009, 12:16 PM

* Ukraine told to drop surcharge on fridges, cars by Sept 7

* WTO balance of payments committee urges repeal by mid-July

GENEVA, June 25 (Reuters) - A World Trade Organisation committee told Ukraine on Thursday to drop its 13 percent surcharge on imported cars and refrigerators by Sept. 7 at the latest, and preferably by mid-July.

The balance of payments panel said the surcharge imposed by Kiev in March in response to the global economic crisis was not justified under WTO rules, which allow governments to restrict imports temporarily if they have balance of payments problems.

"Ukraine agreed to eliminate the measures no later than 7 September, as set out by the legislation, to firmly endeavour to eliminate them by mid July," a trade official said after the closed-door talks.

Earlier this week, the European Union, Japan, China, the United States, Turkey, Canada, Colombia and Argentina all spoke out against the 13 percent surcharge.

The strongest criticism came from Brussels, which said it was clearly a protectionist manoeuvre meant to help Ukraine's domestic production of cars and refrigerators and not a measure aimed at shielding its entire economy at an acute moment.

Ukraine joined the WTO last year.l

The balance of payments committee failed to reach agreement in a parallel set of talks in April over import restrictions proposed by Ecuador, which Quito also said were necessary because of the global downturn. (Reporting by Laura MacInnis; Editing by Stephanie Nebehay and Elizabeth Fullerton)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.