The Ministry of Economic Development and Technology of Poland and the Ministry of Economy of Ukraine signed a Memorandum on the development of trade facilitation instruments. The aim of the agreement is to strengthen economic cooperation between Poland and Ukraine through trade facilitation with an emphasis on providing insurance coverage for the supply of goods and services.

Under the Memorandum, Poland and Ukraine have committed to establishing a clear mechanism to provide insurance coverage for the supply of goods and services.

It is about insurance of transport and cargoes that Polish partners will import to Ukraine. In particular, this can be done through the Polish export credit agency KUKE.

“One of the variants of doing this may be guarantees from the Polish and Ukrainian governments. The Ukrainian government will consider depositing funds in a special account or providing a state financial guarantee. This will serve as a counter-guarantee from the Ukrainian government and a guarantee of security for Polish business partners,” - Prime Minister of Ukraine Iulia Svyridenko.

As a result of the implementation of this Memorandum, Ukraine will receive an increase in trade with Poland. In 2021 Poland ranked first among European countries (turnover of goods and services for the amount of 10,7 billion US dollars). And in January-March it grew in 11% more. It is through Poland itself that strategically important goods arrive in Ukraine. Including defense items and fuel.

“The Polish direction became the main one for Ukrainian export after the enemy blocked the Black Sea ports. The future of the agricultural sector and metallurgy depends on how quickly and efficiently we can expand export routes to the west. Thanks to these insurance instruments, Ukrainian business will be able to attract the widest range of Polish logistics companies for maintenance of the increased volume of export-import operations. Besides this, Poland has become a hub for collecting and sending humanitarian aid from other countries to Ukraine. Half of the humanitarian cargoes comes through its territory,”- Iulia Svyridenko said.

The safety of goods and transport will be guaranteed through the insurance mechanisms provided by the memorandum. Thus, the aggressor will not interfere with Polish-Ukrainian trade relations, and Ukraine will pave a wide path to the European Union, the gateway to which is located in Poland itself.

Reference source:  The Ministry of economy of Ukraine