The European Union stands firm in its commitment to the people of Ukraine who would have been the main beneficiaries of the Association Agreement through the enhanced freedom and prosperity the agreement would have brought about, the High Representative of the European Union for Foreign Affairs and Security Policy Catherine Ashton said, quoted by IPN.

In a statement, Catherine Ashton, who is also Vice President of the European Commission, says that the EU took note of the decision of the Government of Ukraine to suspend the process of
preparation for signature of the Association Agreement and the Deep and Comprehensive Free
Trade Area Agreement between the EU and Ukraine.

“This is a disappointment not just for the EU but, we believe, for the people of Ukraine. The reforms adopted over the last months have been far reaching. The signing of the most ambitious agreement the EU has ever offered to a partner country would have further enhanced the reform course of Ukraine and sent a clear signal to investors worldwide as well as to international financial institutions that Ukraine is serious about its modernization pledge and becoming a predictable and reliable interlocutor for international markets,” said Catherine Ashton.

The EU High Representative believes that it would have provided a unique opportunity to reverse the recent discouraging trend of decreasing foreign direct investment in Ukraine and would have given momentum to negotiations on a new standby arrangement with the IMF.

On November 21, the Ukrainian Government announced its decision to suspend the preparations for signing the Association Agreement with the EU. It proposed creating a tripartite Ukraine – Russia – EU working group on commercial matters.