S. Trade Representative Katherine Tai and First Deputy Prime Minister - Minister of Economy of Ukraine Yuliia Svyrydenko launched negotiations to update the Trade and Investment Cooperation Agreement concluded between the countries back in 2008. The parties agreed on this following a bilateral meeting in Washington on November 9, 2022.
"The renewal of the trade agreement is of particular importance in the framework of U.S. economic support for Ukraine as well as in the context of post-war reconstruction. More than 20 representatives of all US institutions involved in cooperation with Ukraine discussed existing assistance programs and next steps to bolster investment in Ukraine," Yuliia Svyrydenko said.
Such decision was made to support Ukraine's efforts to create a more transparent and predictable business environment. Both sides look forward to further work in this area.
"Ukraine wants its trade policy to create a friendly and comfortable environment for U.S. companies participating in recovery projects. It's time to update the Trade and Investment Cooperation Agreement (TICA) and provide all the necessary guarantees for business regarding non-tariff measures, such as the regulatory framework of procurement procedures," said Yuliia Svyrydenko.
During the bilateral meeting with the U.S. Trade Representative, the First Deputy Prime Minister - Minister of Economy of Ukraine stressed that even during the war the Ukrainian economy remained fully operational despite the constant shelling by the aggressor.
During the regular meeting of the Trade and Investment Council the sides discussed a wide range of issues - from judicial reform, privatization and public procurement to technical regulation, intellectual property and veterinary matters. Particular emphasis was placed on labor reform, as ensuring decent work is a cornerstone of modern trade policy of the states that care about their citizens.
"On the one hand, the Trade and Investment Council has consolidated all preceding achievements in bilateral cooperation, but also the extent of the existing partnership is moving to a new quality, which requires updating the contractual framework. Therefore, we will supplement the 2008 Agreement with a number of protocols. This work will allow strengthening the confidence of American business to invest in Ukraine and facilitate the implementation of projects for the rehabilitation and reconstruction of Ukraine," explained Yuliia Svyrydenko.
