On Thursday, June 23, having been endorsed by the bloc's 27 leaders during a summit in Brussels, Ukraine was granted official European Union candidate status.
Russia's invasion of Ukraine prompted the Ukrainian authorities to apply for candidate status and the EU's consequent fast-track approval. Although Ukraine will require a certain time to join the bloc, the granting of candidate status is a milestone in the relations between Ukraine and the European Union, with the latter being the Ukraine's largest trading partner, accounting for 39.5 percent of its trade in 2021. In 2021, total trade between the EU and Ukraine reached almost €52.4 billion, almost doubling since the entry into force of the DCFTA (Deep and Comprehensive Free Trade Areas) in 2016. The sustainable development of partnership between Ukraine and the EU provides strong support for Ukrainian steel exporters. In 2021, Ukraine's steel slab exports to the EU totaled 2.127 million mt, while flat steel exports amounted to 2.237 million mt in the given period.
As SteelOrbis reported earlier, on June 4 the European Parliament adopted temporary trade liberalization measures, effective for one year, comprising the abolition of antidumping duties and safeguard measures on Ukrainian products on all Ukrainian exports, apart from others.
Meanwhile, candidate status has also been given to the Republic of Moldova.