Trade openness between Ukraine and the European Union and integration into the EU internal market is the key to preserving the Ukrainian economy in war conditions and rapid economic recovery.

The issue of systemic economic integration of Ukraine and the EU was discussed during the Ukraine-EU summit and the joint meeting of the College of the European Commission and the Government of Ukraine. It consists of four blocks.

I. Adaptation of legislation.

"We plan to end the "industrial visa-free" saga and sign an agreement with the ACAA," Iuliia Svyridenko, First Vice Prime Minister, Minister of Economy of Ukraine, reports.

According to her, the war has slightly slowed down the assessment missions. However, everything will be carried out, and the agreement will be concluded.

"Meanwhile, we have handed over to the EU an updated report on the recommendations implemented at the previous stages, as well as a table of correspondence of draft acts that still need to be adopted (market surveillance)," the Ьinister writes.

She also notes that the state of adaptation of Ukrainian legislation in public procurement to EU rules has allowed Ukraine to agree to the decision of the Association Council and the Trade Committee to fulfill the requirements of Phase I and Phase II on the mutual opening of public procurement markets. According to Svyridenko, in this case, "we have a synergy between the implementation of EU norms, required for accession, and the mutual opening of markets within the legal framework of the Association Agreement."

"Right before the European Commission and the Government meeting, we had agreed on the roaming decision," she adds.

II. Implementation of the free trade agreement.

"Thanks to the EU's decision for their autonomous trade measures as the cancellation of all customs duties, the agreement on road transport, the effective implementation of logistical ways of solidarity, we were able to preserve trade between Ukraine and the EU," the expert writes.

The European Union is Ukraine's main and largest trade partner, with a share of more than 55% in trade turnover for 2022.

To increase trade efficiency, the Ministry of Economy and DG Trade agreed on an updated Priority Action Plan for the enhanced implementation of the Free Trade Agreement. The main focus of this plan is Ukraine's integration into the EU internal market.

The plan's goal is to integrate into the European Union's internal market without waiting to join the EU.

III. Economic recovery and the role of international financial institutions.

"The European Union and its member states should encourage national institutions that insure war risks to increase the offer of their services for investments in Ukraine," reports Iulia Svyridenko.

The main challenge for private businesses is Ukraine's insurance against military risks.

International financial institutions are key players helping to launch the process of economic and infrastructural recovery of Ukraine.

IV. Integration of labour markets.

Full mutual provision of freedom of labour movement and integration of the labour market is in the interests of both the EU and Ukraine.

The main thing for Ukraine, the Minister of Economy notes, is to give Ukrainians the opportunity to return to Ukraine as soon as possible.

And work on our economic well-being at home.

"At the forum in Davos, we already had a public discussion with European Commissioner Nicolas Schmit about how Ukrainians are integrated into the EU labour markets," the first vice-prime minister mentioned.

Temporary protection mechanisms allowed many Ukrainians to find legal work in the EU. In turn, the activity of Ukrainians in finding jobs helps countries with a structural labour shortage (Germany, the Czech Republic, Poland) to overcome economic challenges.