Ukraine and the USA agreed to update the trade agreement.

Ukraine and the USA agreed to update the Trade and Investment Cooperation Agreement

Ukraine and the USA discussed plans to update the Trade and Investment Cooperation Agreement (TICA), which was adopted in 2008. The parties plan to sign a protocol to the Agreement and to make additions regarding the fight against corruption and regulatory practices.

This information was announced during a meeting between the First Deputy Prime Minister of Ukraine, Minister of Economy Yuliya Svyrydenko, and the US Trade Representative Katherine Tai in Washington.

'Ukraine is ready to sign a protocol to this agreement in early January 2025. This is an important step towards creating a transparent business environment and attracting investments to Ukraine, especially in the context of post-war economic reconstruction,' - said Yuliya Svyrydenko.

According to Yuliya Svyrydenko, updating the agreement between the countries will create a predictable business environment for American companies participating in recovery projects and investing in the Ukrainian economy. It will also strengthen cooperation between both countries.

The Agreement provides for the simplification of trade procedures between Ukraine and the USA, improving access to markets, supporting the development of exports and imports of goods and services, as well as creating open and fair conditions for business.

One of the areas of the agreement is investments. The document envisages the creation of favorable conditions for foreign investments, investment protection, and strengthening bilateral cooperation in this area. The Agreement also includes sections on promoting joint initiatives and projects in various sectors of the economy, such as energy, infrastructure, and agriculture. It also provides technical support to the Ukrainian government for implementing economic reforms and improving the business environment and legal framework for attracting investments.

As a result of the meeting, Yuliya Svyrydenko and Katherine Tai instructed their teams to continue working on updating the agreement.

During the meeting, the current review of anti-dumping measures regarding the import of Ukrainian steel to the USA was also discussed. Yuliya Svyrydenko emphasized the importance of greater access for Ukrainian metallurgists to the American market.

The Minister of Economy of Ukraine thanked her American colleague for supporting Ukrainian business.