The Government has approved the draft law that brings the Customs Tariff of Ukraine into compliance with the requirements of the International Convention on the Harmonized System of Description and Coding of Goods.

The relevant decision was adopted at a meeting of the Cabinet of Ministers. Now the draft Law will be registered with the Verkhovna Rada and considered by MPs.

“Ukraine is adapting to international standards of product classification. We need this in order to increase our own exports, enter new markets, and strengthen our competitive advantages in world trade. A great victory is the establishment of zero tariffs on Ukrainian goods by the EU countries, Canada, Great Britain and Australia. Exporters successfully use this to promote their products. At the same time, Ukrainian business needs many intermediate import goods, in order, for example, to establish processing production. In this context, the new Customs Tariff will contribute to the revitalization of mutually beneficial trade and make our economy stronger”, the First Deputy Prime Minister of Ukraine - Minister of Economy of Ukraine Yulia Svyrydenko pointed out.

The current Customs Tariff of Ukraine is built on the basis of the 2017 version of the Harmonized System of Description and Coding of Goods, and the 2022 version is already in effect in most countries of the world. It is used by Ukraine’s largest trade partners, in particular, the EU, Turkey, China, the USA, and Switzerland.

In this regard, a number of complications related to discrepancies in product codes arise during customs clearance of products imported to Ukraine, or when comparing customs statistics of Ukraine and trading partner countries.

The draft new Customs Tariff of Ukraine provides for:

- technical change in the classification of individual goods by combining several codes into one, detailing one code into several, and transition of certain types of goods to other codes;

- exclusion of goods that are no longer used in international trade from the system;

- introduction of new goods, which are produced using modern technologies, etc., into circulation.

In total, there will be more than 350 changes in commodity codes, mainly regarding goods of agriculture, chemical, forest sectors, textiles, non-ferrous metals, engineering, transport, etc.

It is important that the new Customs Tariff does not provide for changes in import duty rates on goods.

We will remind you that earlier the Government approved the Procedure for partial compensation of the interest rate on export credits.