Ukraine and the USA will update the Trade Cooperation Agreement

Ukraine and the United States will update the Agreement on trade and investment cooperation concluded between the states in 2008.

US Trade Representative Catherine Tye and First Deputy Prime Minister – Minister of Economy of Ukraine Yuliya Svyridenko began negotiations on updating the Agreement on Trade and Investment Cooperation. The parties agreed on this as a result of a bilateral meeting in Washington on November 9, the Ministry of Economy reports.

“The renewal of the trade agreement is especially important in the context of US economic support for Ukraine and in the context of post-war reconstruction. More than 20 representatives of all US institutions involved in cooperation with Ukraine discussed the existing aid programs and the next steps to attract investments to Ukraine,” said Yulia Svyridenko.

The decision was made to support Ukraine’s efforts to create a more transparent and predictable business environment. Both parties hope to continue working in this area.

“Ukraine wants trade policy to create a friendly and comfortable environment for American companies participating in recovery projects. It is time to update the Trade and Investment Cooperation Agreement (TICA) and provide all the necessary business guarantees regarding non-tariff measures, such as the regulatory environment for procurement procedures,” the minister said.

The parties discussed a wide range of issues — from judicial reform, privatization and public procurement to technical regulation, intellectual property and veterinary issues.

As Svyridenko explained, the Trade and Investment Council consolidated all previous achievements in bilateral cooperation, but at the same time, the scope of the existing cooperation translates into a new quality that requires updating the contractual basis. Therefore, the USA and Ukraine will supplement the 2008 Agreement with a number of protocols. This work will strengthen the confidence of American business in investing in Ukraine and facilitate the implementation of projects for the restoration and reconstruction of our country.