Competition law and state aid rules play a crucial role in preserving healthy business environment by providing same level-playing field for all market participants. No surprise that considerable attention to these areas of law is devoted in the EU — Ukraine Association Agreement.

This article focuses on a potential effect the approximation of competition law and state aid provisions contained in the Association Agreement will have on business in Ukraine (supposing that the Association Agreement will be signed eventually irrespective of the November 2013 decision of the Cabinet of Ministers of Ukraine to put this process of hold). An overall improved institutional and legal system of Ukraine, particularly with regards to competition policy and introduction of the state aid control, should result in a healthier business environment for EU operators in Ukraine, better market access possibilities, and hence increased production, trade, as well as the investment flows, sustainable growth and general modernization of Ukraine.