Ukraine can replace $7B of Russian and Belarusian goods in the EU market.

According to the Ministry of Economy, Ukraine can immediately replace contracts in the EU market for machine building, wagon building, and food processing. However, Ukraine and the EU have different technical standards. As a result, domestic manufacturers need the state’s help in the harmonization of technical standards and regulations. To accomplish this, the Ministry of Economy is launching the Export Boost Project. It will help Ukrainian companies to conclude the first contracts and pass all the necessary certifications so that Ukraine can immediately replace the products of the Russian Federation and the Republic of Belarus. According to ministry calculations, this represents about $7B over the next 12-18 months. The Ukrainian Ministry of Economy emphasized that the basis of Ukraine’s governmental economic policy is full European integration.