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Ukraine signs historic trade deal with European Union

The pact may not be acceptable to Russia as it could impact already strained economic relations with Ukraine, Georgia and Moldova.

By Ananth Baliga
Ukrainian President Petro Poroshenko called the EU deal the second most important event in the country's history, after gaining independence from Russia. UPI/Ivan Vakolenko
Ukrainian President Petro Poroshenko called the EU deal the second most important event in the country's history, after gaining independence from Russia. UPI/Ivan Vakolenko | License Photo

BRUSSELS, June 27 (UPI) -- Ukraine, along with Georgia and Moldova, signed an Association Agreement with the European Union that would increase trade with the 28-member bloc and help initiate democratic reform.

The deal comes seven months after former President Viktor Yanukovych shunned a deal with the regional bloc in favor of working closely with Russia, a move that led to widespread protests across the country and his eventual ouster. Ukrainian President Petro Poroshenko signed the deal in Brussels Friday before a summit meeting of EU leaders.

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"This is one of the most important days in the time since Ukraine won independence. We use this possibility to modernize the country. But we need only one thing -- peace and security," Poroshenko said in a statement.

The agreement brings Ukraine closer to EU, an election promise made by Poroshenko to reverse his predecessor's move toward Russia. The development will be closely watched as it could complicate a cease-fire announced in the eastern parts of the country, where pro-Russian armed fighters have been battling Ukrainian forces since the loss of Crimea to Russia.

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"The document we will sign today is not just political and economic, it is a symbol of faith and unbreakable will," Poroshenko said.

On Russian state television, Kremlin spokesman Dmitry Peskov said that Russia would not interfere with Ukraine's or the other two nations' "sovereign right" to sign the EU deal, but that "Russia will undertake its measure if its market is negatively affected."

The deal would include a free-trade zone and will require Ukraine to maintain European values such as democracy and human rights. It will also give the nation access to border protection and security processes.

Herman Van Rompuy, president of the European Council, said closer ties with the three nations would bring greater stability to the region. He expressed support to Ukraine over its internal turmoil and uncertainties looming over the relationships Moldova and Georgia have with Russia.

"Our joint goal is your full integration into the market of the European Union," Van Rompuy told leaders of the three nations.

"There is nothing in these agreements nor in the European Union's approach that might harm Russia," Van Rompuy added. "The European Union stands ready to engage with Russia as much as need be."

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