Kyiv, Ukraine – The third meeting of the Trade and Investment Council (TIC), established by the United States-Ukraine Trade and Investment Cooperation Agreement (TICA), took place today in Kyiv, Ukraine. Deputy United States Trade Representative Miriam Sapiro led the U.S. delegation and Minister of Economy Vasyl Tsushko led the Ukrainian delegation.
“The constructive nature of our meeting today underscores the importance the Obama Administration places on the relationship between our countries,” said Ambassador Sapiro. “We will continue our collaborative efforts to expand the trade and investment opportunities for our businesses and investors. Ukraine’s economy is forecasted to grow, providing new opportunities for U.S. exports. I’m particularly pleased by the agreement on an action plan on improving the protection of intellectual property rights in Ukraine.”
Minister Tsushko said, "Today we explored new approaches to foster our bilateral trade, focused on facilitating bilateral investment and on the important issue of improving protection of intellectual property rights. I am confident that steps the government of Ukraine is taking to improve its investment environment, in line with the vision set out in President V. Yanukovych’s Program of Economic Reforms 2010-2014, as well as efforts to improve framework conditions for business activities in our country will promote further mutually beneficial cooperation between the two countries.”
During today’s meeting, Minister Tsushko, Ambassador Sapiro and their delegations acknowledged the progress made since the last TIC meeting in Washington, D.C. in 2009, and reviewed specific steps each side would take to advance bilateral trade and investment.
For example, the governments today agreed on an Action Plan on the protection of intellectual property rights in Ukraine. The government of Ukraine will begin its implementation in 2011 after the completion of its interagency approval procedure. “A robust system of IPR protection and enforcement is imperative for Ukraine’s further integration into the global community, and contributes to its investment climate,” Ambassador Sapiro noted.
In addition, the two sides agreed to establish working groups on agriculture and customs issues, and agreed to work together to resolve commercial disputes and to encourage bilateral investment. The delegations stressed that the Council meeting is an important milestone in the expanding collaboration between the United States and Ukraine, in both the political and commercial realms. Both sides stressed their appreciation for the active participation of the business sector in the continued success of the TIC.
In implementing the TICA, both parties reconfirm their commitment to expand the economic opportunities between Ukraine and the United States while simultaneously coordinating their efforts to promote greater trade liberalization through the WTO.
The parties agreed to hold the Fourth Session of the Council in Washington D.C. in 2011, at a date to be determined.
Background
The U.S.-Ukraine commercial relationship has developed significantly in the past several years. After Ukraine’s accession to the World Trade Organization in 2008, Ukraine and the United States signed a TICA in the same year. The TICA established the U.S.-Ukraine Trade and Investment Council as the principal mechanism for the two countries to work to enhance and broaden their trade relationship. The TIC is chaired by the Office of U.S. Trade Representative and the Ukrainian Ministry of Economy. It is the primary vehicle for managing trade and investment relations between the two countries.
In the first three meetings of the TIC, both parties have brought together broadly representative inter-ministerial delegations to allow discussion of a range of topics related to trade, investment, and other economic matters. The TIC focuses on concrete problem-solving and on developing potential areas of cooperation for future work under the TICA.
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