Ukraine is an Eastern European nation bordering the Black Sea that shares land boundaries with Belarus, Hungary, Moldova, Poland, Romania, Russia, and Slovakia. Its economy is characterized by a large trade deficit driven by the import of energy resources, mainly from Russia, and high value-added goods. Exports meanwhile are comprised largely of metals and metal goods, agriculture, and other low value products destined for a small group of CIS and European markets. Ukraine has been eager to expand its market access as a WTO member and a participant in the CIS free trade agreement. Despite significant potential for export growth, Ukrainian competitiveness is still hindered by low productivity, market and product concentration, limited financial access, deteriorating physical infrastructure, and cumbersome regulations and customs procedures.
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