Censor.NET reports citing Interfax-Ukraine and Ukrainski Novyny.
The agreement will welcome European producers at the Ukrainian market, which will invite more investment into the country, Ukrainian and European politicians say.
According to Ukraine's Ministry of Economic Development and Trade, the FTA eliminates 97 percent of tariffs on Ukrainian goods and reduces the average tariff on Ukrainian exports from 7.6 percent to 0.5 percent. It will also decrease rates for the EU goods in Ukraine, which will make them cheaper.
Besides, Ukrainian companies will be able to access the EU market.
Experts do not forecast rapid effects of the FTA agreement, for it will be implemented in stages.
Earlier, despite the agreement being bilateral between Ukraine and the EU, Russia expressed concerns about its coming into effect.
More than 20 meetings on the issue between Ukraine, EU and Russia took place in two years.
Russia has demanded many times for the FTA between Ukraine and the EU to be postponed for another 10 years.
Dec. 25 the Russian Federation terminated its agreement with Ukraine on the free-trade area between the two countries effective Jan 1, 2016.
Ukraine's Foreign Minister Pavlo Klimkin said the FTA between Ukraine and the European Union will have positive outcomes for Russia.