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Ukraine and Poland have signed a memorandum on transport and cargo insurance. What is it about?

Ukraine and Poland have signed a memorandum on transport and cargo insurance. What is it about?
photo: Archives/Ukraine and Poland have signed a memorandum on transport and cargo insurance. What is it about?
05 / 06 / 2022

The Ministry of Economic Development and Technology of Poland and the Ministry of Economy of Ukraine signed a Memorandum on the development of trade facilitation instruments. The purpose of the agreement is to strengthen economic cooperation between Poland and Ukraine through trade facilitation with an emphasis on providing insurance coverage for the supply of goods and services.

Under the Memorandum, Poland and Ukraine have committed to establishing a clear mechanism to provide insurance coverage for the supply of goods and services.

It concerns the insurance of transport and cargo that Polish partners will import to Ukraine. In particular, this can be done through the Polish export credit agency KUKE.

"One of the options may be guarantees from the Polish and Ukrainian governments. The Ukrainian government will consider depositing funds in a special account or providing a state financial guarantee. It will serve as a counter-guarantee from the Ukrainian government and a guarantee of security for Polish Ukrainian business partners," explains the First Vice Prime Minister of Ukraine Yulia Svyrydenko.

As a result of the implementation of this Memorandum, Ukraine will receive an increase in trade with Poland. In 2021, Poland ranked first among European countries (turnover of goods and services worth USD 10.7 billion). And in January-March it grew by another 11%. Strategically important goods arrive in Ukraine through Poland, including defence products and fuel.

"The Polish direction has become key for Ukrainian exports after the enemy blocked the Black Sea ports. The future of the agricultural sector and metallurgy depends on how quickly and efficiently we can expand export routes to the west. Thanks to the mentioned insurance instruments, Ukrainian businesses will be able to attract the widest possible list of Polish logistics companies to service the increased volume of export-import operations. In addition, Poland has become a hub for collecting and sending humanitarian aid from other countries to Ukraine. Half of the humanitarian cargo arrives through its territory," noted Yulia Svyrydenko.

The safety of goods and transport will be guaranteed through the insurance mechanisms provided for in the memorandum. Thus, the aggressor will not interfere with Polish-Ukrainian trade relations, and Ukraine will pave a wide path to the European Union, the gateway to which is located in Poland.

 

Source: Ministry of Economy of Ukraine

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