Ukraine wants to increase the volume of trade with the countries of the Pacific region

Ukraine aims to increase the volume of trade with the countries of the Pacific region, in particular Japan.

First Deputy Prime Minister – Minister of Economy of Ukraine Yulia Svyrydenko held a meeting with the Extraordinary and Plenipotentiary Ambassador of Japan to Ukraine Matsuda Kuninori. The ministers discussed issues of military and financial assistance, strengthening of trade in the Pacific region, investment prospects and post-war reconstruction of Ukraine.

Today, Japan ranks third among Ukraine’s trade partners in Asia and the Pacific region. It is with the latter countries that Ukraine is betting on increasing trade volumes.

Yulia Svyrydenko emphasized that Ukraine needs foreign investments now more than ever: “We welcome the interest of the Japan International Cooperation Agency (JICA) and Sumitomo Corporation to start public-private partnership projects in Ukraine. We are sure that after our victory, new unprecedented opportunities for work and development will open up.”

Also, the topic of the conversation was the intensification of work on insurance of Japanese investments by the NEXI export credit agency. The Ministry of Economy believes that this mechanism can become key to attracting Japanese investors to Ukraine.

In addition, the parties discussed work on opening an office of the Japan External Trade Organization (JETRO) in Ukraine to strengthen trade cooperation between the countries.

Background: Since the beginning of the full-scale invasion of russia, Japan has provided several batches of humanitarian, medical and military aid to Ukraine. In August, the Japanese government announced another package of aid to Ukraine — consumer vehicles (vans) and small drones. Previously, the Ministry of Defense and the Self-Defense Forces of Japan handed over body armor, helmets, protective masks, chemical protection suits, small drones, etc. to Ukraine.

Also, Ukraine received 65 billion Japanese yen (approximately $500 million) of soft credit as part of the agreement signed by the Minister of Finance of Ukraine, Serhiy Marchenko, and the President of the Japan International Cooperation Agency, JICA, Akihiko Tanaka.

Together with the EU, USA and Great Britain, Japan imposed sanctions against more than 700 citizens of russia and Belarus and more than 200 organizations and enterprises (including against 9 banks). Japan banned the export to russia of more than 300 types of goods, in particular, luxury cars, luxury items, semiconductors, radars, sensors, lasers and other equipment. The ban also included the import of 38 types of russian goods — veneer, wood chips, cars and motorcycles, alcohol, and others.