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.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)