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Ukraine sets up new government body to promote foreign trade

Staff Writer |
Ukraine has set up a new government body called the Foreign Trade Council to promote the country's international trade, the cabinet said.

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"The Foreign Trade Council will work as an advisory body, ensuring effective interaction between the government and business," the cabinet said in a statement posted on its website.

The newly-created agency, headed by First Deputy Prime Minister Stepan Kubiv, is also set to become a platform for coordinating action between related ministries.

The main tasks of the council include facilitating Ukraine's international trade, promoting exports, formulating trade strategies, and improving customs and tariff regulations.

The promotion of foreign trade is crucial for Ukraine, whose export revenue represents a significant source of funds.

Last year, Ukraine sold abroad goods and services worth $44.9 billion, which accounted for 49.3 percent of the country's gross domestic product.

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