The European Commission Tuesday adopted a proposal for temporarily removing customs duties on Ukrainian exports to the European Union (EU).

The annual value of this support measure will be nearly 500 million euros (692 million U.S. dollars) in tariff reductions, of which almost 400 million euros accrue to the agricultural sector.

"The European Commission is committed, and ready, to support Ukraine to stabilise its economic and financial situation," said European Commission President Jose Manuel Barroso.

"The idea is for the EU to open its doors to exports from Ukraine, helping to give a real boost to Ukrainian businesses," said EU Trade Commissioner Karel De Gucht.

On March 6, the European Council pledged its support to help stabilize Ukraine's economy with a package of measures. One of these was the granting of autonomous trade preferences.

The idea is not to await the entry into force of the Association Agreement's provisions on a Deep and Comprehensive Free Trade Area (DCFTA).

However, the preferences are not a substitute for the DCFTA and will be granted for a limited period only until Nov. 1, 2014.