The document discusses the potential benefits and challenges of a free trade agreement between Ukraine and the European Union (EU). Key points: - Negotiations between Ukraine and the EU on an Association Agreement including a Deep and Comprehensive Free Trade Agreement (DCFTA) were completed in 2011 but the agreement has not been signed due to EU concerns about Ukraine's political freedoms. - The DCFTA would go beyond simple trade liberalization to reduce non-tariff barriers, liberalize investment and trade in services, and harmonize regulations between Ukraine and the EU. - Estimates suggest the DCFTA could increase Ukraine's long-term welfare by 5-10% but implementing it faces challenges in