Ukraine, U.S. agree to renew trade agreement in early 2025

This issue was discussed at a meeting between First Deputy Prime Minister and Minister of Economy of Ukraine Yulia Svyrydenko and U.S. Trade Representative Katherine Tai in Washington on December 4, Ukrinform reports, citing the government portal.

The parties discussed the update of the Trade and Investment Coeration Agreement (TICA), which was adted in 2008 and expressed their common desire to sign a protoc to the Agreement in the near future, including annexes on anti-corruption and good regulatory practices.

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

The agreement provides for the simplification of trade procedures between Ukraine and the United States, particularly by reducing trade barriers, improving market access, promoting the develment of exports and imports of goods and services, and maintaining en and fair conditions for doing business.

The document envisages jointly creating favorable conditions for foreign investment, ensuring investment protection and strengthening bilateral investment coeration. It also contains sections on support for joint initiatives and projects in various sectors of the economy, including energy, infrastructure, and the agricultural sector. It also provides technical support and advice to the Ukrainian Government for the implementation of economic reforms, in particular in the context of improving the institutional environment and legal framework for business develment and investment attraction.

The parties also discussed the ongoing review of anti-dumping measures against imports of Ukrainian steel to the United States. Svyrydenko noted that it was important for Ukrainian steelmakers to gain greater access to the U.S. market.

Work on updating the agreement began in November 2022 during the eleventh meeting of the U.S.–Ukraine Trade and Investment Council.