WASHINGTON – The Office of the United States Trade Representative welcomed the Ukrainian delegation to Washington, D.C., for the eleventh meeting of the United States - Ukraine Trade and Investment Council (Council), aimed at increasing bilateral trade and investment. The United States continues to condemn Russia’s unprovoked and unjustified invasion of Ukraine, and rejects the sham referenda conducted in the four Ukrainian provinces and Russia’s fraudulent attempt to annex sovereign territory and change Ukraine’s internationally recognized borders.
The Council meeting was convened under the United States - Ukraine Trade and Investment Cooperation Agreement (TICA). Assistant United States Trade Representative for Europe and the Middle East, L. Daniel Mullaney, led the U.S. delegation. The Ukrainian delegation was led by First Deputy Prime Minister-Minister of Economy of Ukraine, Yuliia Svyrydenko. United States Trade Representative Katherine Tai provided opening remarks in which she urged the delegations to work together to create an environment that encourages companies and individuals to live, work, and invest in Ukraine. Representatives of the business community and labor unions also presented remarks to the delegations.
In light of the destruction caused by Russia’s invasion, this year’s council meeting focused on ways to help lay the foundation for a sustainable economic recovery and long-term reconstruction. Following presentations on available U.S. government tools to support Ukraine’s recovery efforts, the delegations discussed how to create an environment that encourages companies and individuals to live, work, and invest in Ukraine. The importance of predictability, transparency, and the rule of law to attract foreign investment was a constant theme.
Ambassador Tai and First Deputy Prime Minister Svyrydenko announced the launch of negotiations to upgrade the 2008 Trade and Investment Cooperation Agreement to support Ukraine’s efforts to establish a more transparent and predictable business environment. Both sides look forward to continued work in this area.
Background
The United States and Ukraine signed the United States-Ukraine Trade and Investment Cooperation Agreement (TICA) in 2008. The TICA established the Council as the primary intergovernmental mechanism for discussion of trade and investment relations between the two countries.
U.S.-Ukraine bilateral trade in 2021 was approximately $4.4 billion. U.S. goods exports totaled $2.5 billion; Ukrainian good imports totaled $1.9 billion.
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