Ukraine and the United States have discussed updates to the Trade and Investment Cooperation Agreement (TICA), initially adopted in 2008. Both sides expressed their shared intent to sign a protocol to the agreement soon, which includes annexes on anti-corruption measures and sound regulatory practices. This was highlighted during a meeting between Ukraine's First Deputy Prime Minister and Minister of Economy, Yuliia Svyrydenko, and U.S. Trade Representative Katherine Tai in Washington on December 4.
“Ukraine is ready to sign the protocol to this agreement in early January 2025. This is a crucial step toward creating a transparent business environment and attracting investments to Ukraine, particularly in the context of post-war reconstruction,” stated Yuliia Svyrydenko.
According to Yuliia Svyrydenko, updating the agreement between the countries will contribute to Ukraine’s efforts to create a more predictable business environment for American companies that will participate in recovery projects and invest in the Ukrainian economy, as well as strengthen cooperation between the two countries.
The agreement provides for simplifying trade procedures between Ukraine and the U.S., particularly by reducing trade barriers, improving market access, promoting the development of exports and imports of goods and services, and supporting open and fair conditions for doing business.
Another area is investments. The document envisages joint efforts to create favourable conditions for foreign investments, ensure investment protection, and strengthen bilateral investment cooperation. It also includes sections on supporting joint initiatives and projects in various economic sectors, including energy, infrastructure, and agriculture, as well as providing the Ukrainian government with technical support and consultations to implement economic reforms, particularly in the context of improving the institutional environment and legal framework for business development and attracting investments.
Yuliia Svyrydenko and Katherine Tai instructed their teams to continue working on updating the agreement.
The parties also discussed the ongoing review of anti-dumping measures on Ukrainian steel imports to the U.S. Yuliia Svyrydenko emphasized the importance of granting Ukrainian metallurgists greater access to the U.S. market.
The Minister of Economy of Ukraine thanked her American counterpart for supporting Ukrainian business.
Background
The Trade and Investment Cooperation Agreement (TICA) between the Government of Ukraine and the Government of the United States was approved in 2008 to expand trade and economic ties between the two countries.
Work on its update began in November 2022 during the eleventh meeting of the U.S.-Ukraine Trade and Investment Council. At that time, First Deputy Prime Minister Yuliia Svyrydenko and U.S. Trade Representative Katherine Tai announced the start of negotiations to update the Trade and Investment Cooperation Agreement (TICA).