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It being a common market doesn't make it a free one.What would be the negative effects on the EU from this agreement?
And aren't free markets and trade your solution for everything?
The only thing the EU is going to get out if it is cheap labor, and access to some natural resources, the Ukrainians can't really afford to buy many European products. I'm not sure how Ukrainian products can compete in the EU market, or if they can at all. In terms of aid, it's going to take huge amounts of money to make Ukraine even resemble a normally functioning country. It's also a safe bet that trade with Russia is going to remain crippled for a longer time.
And then there's the whole question of whether or not it's smart to sign agreements with governments of dubious legitimacy which are engaged in a civil war.
The only way it could good for the EU is as a long, long term investment, the kind a union facing a massive immigration crisis, near-bankruptcy of some of its members and others possibly leaving the union can't afford to make.