An important decision by the Australian government to suspend tariffs on goods from Ukraine for a year is noteworthy. The decision was made, according to the Australian government, in an effort to strengthen the war-torn nation’s economy. The policy went into effect on July 4 and is a part of the assistance package that Australian Prime Minister Anthony Albanese announced following his trip to Kyiv.
The European Union and the United Kingdom have taken similar steps, according to Australia’s Minister of Trade and Tourism, Don Farrell, who said in a news statement.
The removal of tariffs, according to Farrell, is a crucial component of the Australian government’s ongoing attempts to improve its bilateral trade and investment ties with Ukraine. He claims that Australia and other foreign friends must adopt actions like these to support Ukraine’s economy and expand trade opportunities if Ukraine is to recover and rebuild. Farrell added that Australian imports of Ukrainian goods totaled around $122 million in 2021.
The Australian minister said that this action will lower tariffs on a range of goods made in Ukraine by up to 5 percent to zero for a whole year. However, taxes with an excise equivalent, including those on alcohol, cigarettes, and fuel, will still be in place.
It is important to note that Australian Prime Minister Anthony Albanese visited Kyiv on July 3 and offered Volodymyr Zelenskyy his support. Zelenskyy’s proposal led the Australian PM to decide to offer the war-torn nation a fresh aid package.
Australia also placed an additional 35 percent duty on all imports from Russia and Belarus earlier in March. Since Russia declared open war in Ukraine on February 24, the Australian government has also imposed sanctions on more than 500 people and organizations.
