Ukraine signed the long-awaited Association
Agreement with the European Union (EU) in Brussels on 21 March 2014. The
Agreement was signed between Ukrainian Interim Prime Minister Arseny Yatseniuk,
EU President Herman Van Rompuy on the sidelines of an EU summit in Brussels.
The Association Agreement tries to establish more
closer political and economic cooperation between the EU and Ukraine.
Also, the European Commission agreed to extend
nearly 500 million euros worth of trade benefits to Ukraine, removing customs
duties on a wide range of agricultural goods, textiles and other imports.
However, agreement concerning free trade will
only be signed once presidential elections are over and a new government is
formed. Ukraine will be holding the presidential elections on 25 May 2014.
The signing of the agreement coincided with the
Russian President Vladimir Putin signing the Accession Agreement with Crimea
after the Russian Parliament passed it on 21 March 2014.]
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