The Ukrainian Ministry of Economy has initiated the process of cancellation of a minimum reference price mechanism used in determination of the minimum export price for several products exported from Ukraine.
The minimum reference prices are to be canceled in accordance with the country's accession to the World Trade Organization.
The mechanism of establishment of minimum reference prices had been introduced in 1996 and was used for Ukrainian exports of certain products which were either the object of antidumping investigations at the time of export or else were liable to come under investigation at some time in the future. The minimum reference prices were updated by the ministry on a monthly basis, depending on market conditions.