The purpose of the article is to investigate current trends of Ukraine's foreign trade with EU and make forecast for further development of trade and economic cooperation on basis of tools usage for economic and mathematical modeling. Research methodology. The theoretical and methodological basis of the research are general theoretical methods of scientific knowledge, including fundamental bases and principles of economic development, highlighted in the works of domestic and foreign scientists. To achieve the purpose of the article, there have been used inductive and deductive methods that made it possible to systematize and process information, theoretically interpret and clarify certain aspects of the research issues. Research results. The research formulates the author's view on the modern process of establishing a free trade zone between Ukraine and EU. The article analyzes trends in the development of the trade of agricultural products between countries, identifies the main issues of further cooperation and substantiates the directions of mutually beneficial cooperation in the future, which will ensure getting of economic benefits by Ukrainian producers. Elements of scientific novelty. There have been proposed directions of formation of free trade zone and development of mutually beneficial cooperation in the agrarian sector of economy. Practical significance. These approaches can be used by government authorities when planning a future negotiation process on a free trade zone and economic development forecast. Tabl.: 3. Fig.: 1. Refs.: 10.