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Ukraine’s machine-building, financial sector to face problems after agreement with EU

July 02, 2013, 23:58 UTC+3
Veronika Movchan, director for science at the Institute of Economic Studies and Political Consultations believes that the agrement will have serious consequences for Ukraine
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Photo EPA/ITAR-TASS

Photo EPA/ITAR-TASS

KIEV, July 2 (Itar-Tass) - Ukraine’s machine-building and financial services sector will face the biggest problems after the Association Agreement is signed with the European Union, an expert said.

Veronika Movchan, director for science at the Institute of Economic Studies and Political Consultations, said on Tuesday, July 2, that machine-building is one of the industries that will feel the consequences of the agreement more than others as competition in the domestic market will tighten.

Protective measures with regard to the Ukrainian automobile industry will be effective for ten years, she added.

Machine-building will also have to bear expenses incurred by adaptation to EU technical standards.

Movchan also said that the sector of financial services will have to get prepared for increased competition.

The power industry will have to be overhauled to provide third parties with free access to energy infrastructure, she said.

She believes that the Association Agreement will benefit Ukrainian agriculture, light and food industries.

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