Ukraine became the World Trade Organization's (WTO) 152nd member today, May 16, 30 days after Ukraine's acceptance of the WTO's membership agreement on April 16.
On the one hand, WTO membership will open the way for Ukrainian steel products to the other members' markets, as well as stimulate movement of foreign investment to the country. For instance, following the completion of all regulative issues, the quota regime on Ukrainian steel exports to the EU will be abolished. However, on the other hand, Ukraine will have to open its market to other WTO members, nullify its scrap export duty and also the unification of transportation tariffs.