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Economic Rammstein: G7 Trade Ministers Gathered in Germany to Help Ukraine


The Ukrainian delegation headed by First Deputy Prime Minister - Minister of Economy of Ukraine Yulia Svyrydenko is participating in the meeting of ministers of economy and trade of the G7 countries, which started on September 14 in Neuhardenberg, Germany.

Ukraine and the Ukrainian economy became one of the main topics during the meeting, so the current summit of the G7 trade ministers has already been called the economic Rammstein.

“The key result of the meeting: we have found a full understanding of the G7 countries and the European Union that aid to Ukraine should be focused not only on solving operational tasks. But it should be also focused on the recovery, on the creation of new supply chains. Stability and long-term support are extremely important. The issue of strengthening trade relations with the G7 countries is not only an issue of helping us. This is an issue of a completely new reality in the global world in which countries with common values ​​are strengthening trade among themselves. And that’s why the trade coalition in support of Ukraine will expand,” First Deputy Prime Minister - Minister of Economy of Ukraine Yulia Svyrydenko noted.

Investments in the economy of Ukraine are among the main issues discussed during the joint meeting. Delivering a welcoming speech to those present, Yulia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, stressed that the implementation of the Recovery Plan of Ukraine, presented at the conference in Lugano, requires significant foreign investments.

Ukraine has already started active work to attract them, forming a package of investment proposals worth more than 400 billion dollars. The Advantage Ukraine platform for potential investors, which includes more than 500 investment projects and opportunities in 10 sectors of the economy, has been presented. The Ukrainian Government is also constantly working on simplifying the legislation on attracting foreign investments.

“However, the safety of investments in Ukraine remains the key issue for investors. We all understand: strong business investment requires guarantees and risk insurance,” Yulia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, pointed out.

During the further discussion, the parties clearly and pragmatically discussed the issue of investment insurance. In particular, through the creation of new financial products within the framework of the Export Credit Agency.

The issues of prolongation and expansion of the decisions designed to promote Ukrainian exports and adopted by the governments after the start of the full-scale invasion of Russia were another important topic of the meeting. It is about the abolition of import duties, special protective duties in the form of tariff quotas, anti-dumping duties, unilateral preferences in certain areas, adopted by the governments of partner countries.

The G7 trade ministers expressed their understanding that the circumstances would require the continuation of the temporary measures adopted earlier in support of Ukraine.

Much attention was paid to the issue of sanctions. Emphasizing that sanctions are an extremely powerful and significant contribution to joint victory, Yulia Svyrydenko called on the West to increase sanctions pressure.

“We call for increased sanctions pressure on the Russian Federation. Don’t trade with someone who wants to make war! Don’t buy bloody oil, don’t do business in russia, sponsoring the war. Do not support terrorists and murderers under any circumstances!” First Deputy Prime Minister — Minister of Economy of Ukraine pointed out.

The appeal was fully understood. All parties emphasized the need to increase pressure, in particular, in the trade sphere.

In addition, considerable attention during the meeting was paid to the expansion of logistics corridors to the EU and the creation of new logistics routes. As mentioned, this is one of the main areas of the Recovery Plan, the implementation of which should begin as soon as possible.

During his speech, Vice President of the European Commission, European Commissioner for Trade Valdis Dombrovskis emphasized the importance of theses on long-term support and European integration of Ukraine into the EU internal market, which Ursula von der Leyen announced in her annual State of the Union Address. According to him, Ukraine and the EU should not only develop trade, but also take further steps towards integration.

In turn, German Vice-Chancellor, Federal Minister for Economic Affairs and Climate Protection of the Federal Republic of Germany, Robert Habeck, urged those present to creatively approach the issue of aid to Ukraine and make a direct contribution to the development of the Ukrainian economy. As Robert Habek noted, the consolidation of financial assistance of the private sector, the involvement of companies that would already work in Ukraine, is what he personally wants to do and will encourage the ministers to do so.

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