US Trade Representative Susan C. Schwab and Ukrainian Minister of Economy Bohdan Danylyshyn have this week signed a Trade and Investment Cooperation Agreement (TICA), that will provide a forum to address trade issues and help build trade and investment relations between the US and Ukraine.
Ambassador Schwab signed in Washington, and Minister Danylyshyn signed in Kyiv.
“The agreement will provide an important tool for both parties to strengthen the already robust trade and investment relationship between our two countries, and will assist Ukraine’s efforts to expand its economy and diversify its markets,” explained Schwab.
“As demonstrated by the World Trade Organization’s recent approval
of Ukraine’s terms of accession to the WTO, Ukraine is making important
strides to modernize its economy and attract foreign trade and investment. We
expect this agreement to provide a solid foundation for discussion of the full
range of trade and investment issues,” she added.
The TICA aims to establish a forum for the discussion of bilateral trade and investment
relations, and will help build those relations, in addition to providing for the formation
of a joint US-Ukraine Council on Trade and Investment which will address a
wide range of trade and investment issues, including market access, intellectual
property, labor, and environmental issues.
The Council will also help to increase commercial and investment opportunities by identifying and working to remove impediments to trade and investment flows between the United States and Ukraine.
Earlier this year, in February, the World Trade Organization approved the terms of Ukraine’s accession to the World Trade Organization.
Ukraine will become a WTO Member 30 days after the Rada (Ukrainian parliament) ratifies the accession protocol, which is expected to occur before July 4th.
President Viktor Yushchenko, Prime Minister Yuliya Tymoshenko, and previous
governments in Ukraine, have advocated policies of economic liberalization and
have sought closer trade relations with
the United States and the European Union. Trade and investment between the United
States and Ukraine has grown steadily in recent years as a result.
Trade in industrial goods between the United States and Ukraine totalled USD2.6bn
in 2007. US goods exports to Ukraine in 2007 were USD1.3bn, up 77.4% (USD585mn) from
2006, and up 644% from 1994.
US goods imports from Ukraine totaled USD1.2bn in 2007, a 25.6% decrease (USD419mn) from 2006, but up 277% from 1994.
US foreign direct investment (FDI) in Ukraine was USD1.44bn as of January 1st, 2008.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment