GENEVA — The World Trade Organization approved Ukraine's entry package on Tuesday, paving the way for the former Soviet-bloc nation to join the global trade body after 14 years of talks.
"Ukraine crossed the line in the process of integration to the global economic and trade environment," Ukraine President Victor Yushchenko told reporters after initialing the agreement.
Yushchenko said WTO entry would have a cumulative effect on the economy of Ukraine, boost the consumption of its 45.5 million citizens by 10 percent, generate a 1.7 percent increase in gross domestic product and boost foreign direct investment by $3.5 billion.
Trade liberalization efforts encompassed in the accord are also expected to increase annual exports by 10 percent, or $4 billion, he noted. In 2006, Ukraine's merchandise exports totaled $38.3 billion and its imports totaled $45 billion, according to a WTO report.
The nation's average tariff for industrial goods is 4.95 percent, according to the WTO, but in some industrial product lines is as high as 25 percent. But, upon joining the WTO, Ukraine has agreed to scrap all duties for a range of industrial goods, including certain chemicals, fabrics and yarns. This includes staple viscose fibers, polyesters and certain woven fabrics containing high tenacity yarn.
Some kinds of bonded wool and fine animal hair fabrics will have duties set at 5 percent, and cut corduroy and terry toweling will have 8 percent tariffs. A 12 percent tariff has been set for many apparel items, including overcoats, anoraks, women's and girls' suits, jackets and blazers, cotton or synthetic dresses, wool or cotton trousers, men's or boys cotton shirts, T-shirts and pajamas.
U.S. Trade Representative Susan Schwab said, "The inclusion in the WTO of such a large, fast-growing economy will benefit U.S. businesses, workers, farmers, ranchers and consumers. We look forward to building a broader, deeper trade and investment relationship with Ukraine."
Ukraine will become a WTO member 30 days after it has notified the global body that it has ratified the entry package. If it completes its ratification ahead of Cape Verde, which successfully finished its entry talks on Dec. 18, it will become the 152nd WTO member.
@pantone announced their Color of the Year 2018: Ultra Violet. Nearly 20 months after the musician Prince’s death, fashion is having a purple moment. Varying shades of purple appeared on spring or fall runways, from @christopherkane to @calvinklein. @gucci’s Alessandro Michele bathed his fall runway in ultra violet-colored light at one point. Pantone 18-3838 is meant to “push the boundaries of what inspires us to look upward and outward to the future.” #wwdnews #wwdfashion (📷: @kukukuba)
@badgalriri’s @fentybeauty launch in September was a massive success on social media, powering $72.9 million of earned media value, according to Tribe Dynamics. The brand’s foundation offering sparked conversations about diversity in beauty, launching the growth of emerging influencers and propelling the brand’s support on social media. Today, #fentybeauty won Launch of the Year at the WWD #BeautyIncAwards. (📷: Chema Moya/EPE-EFE)
@marianna_hewitt has become one of the most influential content creators in the beauty space, with almost 800,000 Instagram followers and a newly launched skin care line called @SummerFridays. Today, she was awarded Influencer of the Year at the WWD #BeautyIncAwards. (📸: @sophiachabbott )
As shopping behaviors evolve, the retail experience must follow. Head over to retail experts @colliersinternational’s Knowledge Leader series to read more about the shift in our shopping era. #colliersretail #lovecolliers
@prada opened a pop-up club, called Prada Double Club, in collaboration with German artist Cartsen Höller at @artbasel Miami. Last night, guests – including @youngparis, @ritaora and even Miuccia Prada herself – gathered in a former ice factory where the pop-up is housed for a performance from @wyclefjean. Go to WWD.com for full coverage on all the exhibits, parties and more at #ArtBaselMiami. #wwdeye (📷: @lexieblacklock)
@louboutinworld and @disney are making magic once again, creating a set of shoe designs for the release of “Star Wars: The Last Jedi.” Louboutin designed a pair of shoes for each of the film’s four female leads: Rey (@daisyridrey), Vice Admiral Amilyn Holdo (@lauradern), Captain Phasma (Gwendoline Christie) and Rose Tico (@kellymarietran). The shoes will debut on Saturday at the L.A. premiere of the latest episode. #wwdfashion
Today at the #BeautyIncAwards 2017, WWD will be joined by beauty leaders from around the world as we honor this year's most innovative people, products, brands and places. Follow along here and on Twitter for live coverage from the exclusive event. #wwdsummits (📷: @elizaflorendo)
Exclusive: Beauty superinfluencer @marianna_hewitt is launching her first-ever skin care brand with her business partner @laurengores. Their new line Summer Fridays, which will be sold exclusively at summerfridays.com starting in January, is launching with just one product – a hydrating cream Jet Lag Mask. “We wanted to focus on one product that was amazing,” said Hewitt. Read the full interview on WWD.com. Link in bio. #wwdbeauty #wwdnews
Michelin star-rated chef PJ Calapa marks his first solo endeavor with today’s opening of @scampinyc –– the new Southern Italian restaurant located in Manhattans’ Flatiron District. The upscale yet welcoming environment matches the menu, which includes two types of scampi: traditional Italian langoustines in butter and the Americanized version with shrimp over pasta 🍤 - pictured here. #wwdeye (📷: George Chinsee)