On 1 May, the President of Ukraine issued a decree to form a delegation of Ukraine to participate in the negotiations on Ukraine’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

First Deputy Prime Minister of Ukraine – Minister of Economy of Ukraine Yuliia Svyrydenko was appointed as the Head of the delegation and Deputy Minister of Economy of Ukraine – Trade Representative of Ukraine Taras Kachka as the Deputy Head of the delegation. The delegation also included representatives of the Ministry of Economy, the Ministry of Justice, the Ministry of Agrarian Policy, the State Customs Service and the Office of the President of Ukraine.

“The Ministry of Economy expects to join the Trans-Pacific Partnership Agreement in early 2024. At the same time, there is a perspective to joining the Agreement this year. This will give Ukraine the opportunity to liberalize non-tariff restrictions on trade in goods and services with countries in the region as well as open access to new markets. In addition, it will allow us to expand access to foreign direct investment. In particular, the main investors in the economies of the Trans-Pacific Partnership countries are the United States, the United Kingdom and the EU,” said Yuliia Svyrydenko, commenting on the Presidential decree.

In turn, Trade Representative of Ukraine Taras Kachka noted that negotiations would start after the UK’s final decision on joining the agreement.  In particular, it is the first European country to join this transcontinental agreement in the near future.

“I hope that the United Kingdom will soon join, and we will have a priority to become part of this agreement, which brings together our partners from the Pacific region, including Australia, New Zealand, Peru, Canada and other countries,” said Taras Kachka.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was signed in 2018. As of 2022, eight countries have ratified the Agreement, namely Australia, Canada, Japan, Mexico, Peru, New Zealand, Singapore and Vietnam. The Trans-Pacific Partnership countries mainly export electronics, machinery, cars and mineral fuels.

In addition to intensifying trade with Latin America, Ukraine is seeking to open new business opportunities with Asian countries.  Ukraine already exports grain to Southeast Asian countries such as Indonesia, the Philippines, Thailand and Vietnam. Ukraine is also interested in attracting foreign investment in the processing industry to diversify its exports with value-added products. Expanding business ties and comprehensive international support is also important from the standpoint of countering russian aggression.

According to Taras Kachka, Ukraine aims to develop trade and economic relations with African countries. The plan is to open at least ten trade missions in the Pacific region, including South Africa, Nigeria, Egypt and Ghana.

“We want to have a permanent commercial presence in these countries. With this decision, we will give Ukrainian companies the opportunity to establish new business contacts and eliminate possible tax and bureaucratic obstacles to trade between the parties. It is not only about trade in goods but also cooperation in information technology, etc.”, said the Trade Representative of Ukraine.