KIEV, Sept. 17 (Xinhua) -- The Ukrainian government has approved a plan to implement the Association Agreement with the European Union (EU), Ukrainian Prime Minister Arseny Yatsenyuk said Wednesday.
"The agreement must be fully implemented by 2017," Yatsenyuk told a Cabinet meeting.
Ukraine will make every effort to fulfil the requirements of the deal and will carry out a number of reforms to bring its economy and legislation closer to European standards, Yatsenyuk said.
During the transition period, Ukraine will focus on developing its economic relations with the EU, while maintaining stable trade partnerships with other countries, Yatsenyuk said.
"The free trade with our eastern neighbors has to remain at the present level," he added.
Yatsenyuk said his country expects to reap big benefits from the temporary trade preferences, which will open EU market to Ukraine unilaterally. The treatment means 500 million euros (647 U.S. dollars) per year.
The Ukrainian Parliament and the European Parliament simultaneously ratified the Association Agreement on Tuesday, which includes a comprehensive free trade deal.
As a concession to Russia, which fears that free trade between Ukraine and the EU would allow European products to flood Russia via Ukraine, the EU and Ukraine have agreed to delay the implementation of the free trade part of the deal until the end of next year.
As a temporary arrangement, the EU will unilaterally abolish custom duties on Ukrainian goods to support the weak economy of the country.
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