The United States has granted Ukraine market economy status, Deputy U.S. Commerce Secretary David Sampson announced on Friday during a visit to the Ukrainian capital.

"We are pleased to announce that Ukraine has been granted market status as a result of economic, legal and institutional reforms," Sampson told reporters. He said the recognition took effect from the beginning of February.

Ukrainian Foreign Minister Borys Tarasyuk said the U.S. move would benefit Ukrainian exporters by protecting companies from anti-dumping sanctions.

The recognition is also seen as helpful in Ukraine's bid for World Trade Organization membership.

Last December, the European Union, Ukraine's largest trading partner, also granted the ex-Soviet republic market economy status.

Source: Xinhua