Ukraine does not mind giving up free trade with Russia for a free trade deal with the European Union, said Ukrainian President Petro Poroshenko.

Poroshenko expressed his willingness for a free trade deal with the EU at a meeting with European Commission President Jean Claude Juncker on Wednesday. The Ukrainian president referred to Russian President Vladimir Putin’s decree on suspending the free trade agreement with Ukraine.

Putin signed a decree earlier on Wednesday to suspend the free trade treaty with Ukraine, w.e.f. Jan. 1, 2016. Russian Prime Minister Dmitry Medvedev said on Dec. 9 that Russia should discontinue its free trade treaty with Ukraine.

"They should understand that a period, which we have chosen specially for the purpose of further adjustment of our economies in order to bring the CIS free trade zone rules with the EU rules, will end on January 1,” Russian News Agency TASS quoted Medvedev as saying. “We - the Europeans, Ukraine and Russia - have reached a deal of ‘three,’ so to speak."

Amid possibilities of losing the line of cooperation with Russia, Ukraine is all set to win visa-free access to Europe. The tentative deal between Poroshenko and top European officials was reached on Wednesday.

The EU is expected to issue a report on Friday while supporting Kiev’s request. However, the official procedure is likely to begin only after Ukraine delivers on its remaining commitments, the Wall Street Journal reported.

Kiev’s remaining commitments include the formation of a properly resourced Ukrainian asset recovery agency to tackle past and future cases of corruption. It will also establish an independent anticorruption prosecutor’s office.

The EU is expected to issue similar reports on visa-free bids for Kosovo and Georgia on Friday as well.

European Council President Donald Tusk told Poroshenko that in case Ukraine manages to secure a free trade treaty with Europe, it would lead to Kiev’s eventual integration into the European market. Tusk promised that the EU is going to back the free trade treaty with Ukraine, which will be effective on Jan. 1.

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