U.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 9 November 2022.

“The update 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 raise 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 is 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,” Yuliia Svyrydenko said.

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. Special emphasis was placed on labour 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 previous achievements in bilateral cooperation, but also the extent of the existing cooperation is moving to a new quality, which requires updating the contractual framework. Thus, we will supplement the 2008 Agreement with a number of protocols. This work will allow to strengthen the confidence of American businesses to invest in Ukraine and facilitate the implementation of projects for the rehabilitation and reconstruction of Ukraine,” Yuliia Svyrydenko explained.