By World Bank
Ukraine's exchange coverage identifies the most important drivers of Ukraine's fresh exchange functionality, assesses present exchange regulations, and proposes options to reinforce the Ukraine?¦s alternate integration approach. It additionally identifies middle bottlenecks within the ongoing integration approaches, together with international and neighborhood integration. The examine concludes that the most hindrances to furthering Ukraine?¦s alternate integration are household, and relate to deficiencies within the enterprise setting. difficulties in customs management, standardization, and administrative obstacles for brand new access require quick realization. The document highlights particular coverage concerns that bog down WTO accession, akin to alternate laws, security of highbrow estate rights, executive help for particular industries, and export regulations. It additionally recommends advancements within the constitution of Ukraine?¦s import price lists, reform of either the regime of loose fiscal zones and mechanism of VAT refund, and funding in an incredible improve of presidency capability for funding and export promoting. The record additionally attracts cognizance to the significance of the post-WTO accession time table for Ukraine. to use WTO club, the govt might want to adopt major institutional reforms to enforce WTO regulatory ideas in ways in which facilitate integration into the area economic climate and supply merits to personal region individuals.
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Additional info for Ukraine's Trade Policy: A Strategy for Integration into Global Trade (World Bank Country Study)
Example text
In general, the unit value of merchandise exports, according to our estimates, diminished by 11 percent over 1996–99. ■ Decline of demand in the CIS (major trade partners of Ukraine during that period) due to continuation of their economic decline. This drop in demand for Ukrainian export in the CIS was not offset by export reorientation, as exports to the rest of the world (ROW) increased only by 9 percent over 1997–99. ■ Real exchange rate appreciation. 6 Strengthening of the currency undermined the price competitiveness of exports from Ukraine, as there was a limited capacity to withstand the exchange rate fluctuations with products differentiation.
3 percent over 1996–2003, with a major increase since 1999. The main exports to this region have been mineral products and metals. 0 percentage points respectively. Main export commodities to these regions have been metals and chemicals. Overall, the main changes described above in the geographical composition of Ukraine’s exports during 1996–2003 (for more detailed information see Statistical Annex) were driven primarily by the following factors: ■ Relative changes in the size of export markets.
2 percent of GDP in 1996. The deficits had been a source of the macroeconomic instability of the early 1990s and had been financed mainly by rapid growth of the external debt and accumulation of energy arrears to Russia. After high inflation in 1993–94, Ukraine started an exchange rate-based stabilization in 1995. As a result of the real appreciation of the national currency, the merchandise trade deficit further widened in 1996–97. By that time, an emerging T-bills market became an important source of deficit financing.