10 November 2022, Thursday, 14:45 397

Ukraine And US Updating Trade And Investment Cooperation Agreement

Редактор: Tetiana Herasimova

Ukraine and the United States are updating the Trade and Investment Cooperation Agreement.

This is stated in the message of the Ministry of Economy, Ukrainian News Agency reports.

"U.S. Trade Representative Katherine Tai and First Vice Prime Minister - Minister of Economy Yulia Svyrydenko launched a negotiation process to update the Trade and Investment Cooperation Agreement concluded between the countries in 2008. The parties agreed on this based on the results of a bilateral meeting in Washington on November 9, 2022," it says.

According to Svyrydenko, updating the Trade and Investment Cooperation Agreement is especially important in the context of economic support for Ukraine and in the context of post-war reconstruction.

She noted that more than 20 representatives of all U.S. institutions involved in cooperation with Ukraine discussed existing assistance programs and next steps to attract investment in Ukraine.

"Ukraine wants trade policy to create a friendly and comfortable environment for American companies involved 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 of procurement procedures," Svyrydenko said.

Also, as part of the regular meeting of the Trade and Investment Council, the parties discussed a wide range of issues: from judicial reform, privatization and public procurement to technical regulation, intellectual property and veterinary issues.

"On the one hand, the Trade and Investment Council has consolidated all previous achievements in bilateral cooperation, but at the same time the scale of existing cooperation is transferred to a new quality that requires updating the contractual base. Therefore, we will supplement the 2008 agreement with a number of protocols. This work will strengthen the trust of American business in investment in Ukraine and facilitate the implementation of projects to restore and rebuild Ukraine," Svyrydenko explained.

As Ukrainian News Agency earlier reported, U.S. President Joseph Biden signed a law on temporary government funding, which avoids the suspension of government agencies and, among other things, provides for the allocation of USD 12.3 billion in aid to Ukraine.

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