The United States and Ukraine have signed a Trade and Investment Cooperation Agreement (TICA) that will provide a forum to address trade issues and help build trade and investment relations between the two countries.
U.S. Trade Representative (USTR) Susan C. Schwab signed in Washington, and Ukrainian Minister of Economy Bohdan Danylyshyn signed in Kyiv, according to a statement released by the USTR office on Tuesday.
"The agreement will provide an important tool for both parties to strengthen the already robust trade and investment relationship between our two countries, and will assist Ukraine's efforts to expand its economy and diversify its markets," said Schwab in the statement.
"As demonstrated by the World Trade Organization's recent approval of Ukraine's terms of accession to join the WTO, Ukraine is making important strides to modernize its economy and attract foreign trade and investment," she added.
The TICA will establish a forum for discussion of bilateral trade and investment relations and will help build those relations. The TICA provides for the formation of a joint U.S.-Ukraine Council on Trade and Investment, which will address a wide range of trade and investment issues including market access, intellectual property, labor, and environmental issues.
This agreement is substantially similar to the Trade and Investment Framework Agreements (TIFAs) that the United States has negotiated with a number of trading partners.
Trade in industrial goods between the United States and Ukraine totaled 2.6 billion dollars in 2007. U.S. goods exports to Ukraine in 2007 were 1.3 billion dollars, up 77.4 percent from 2006, and up 644 percent from 1994. U.S. goods imports from Ukraine totaled 1.2 billion dollars in 2007, a 25.6 percent decrease from 2006, but up 277 percent from 1994, while U.S. imports of agricultural products from Ukraine stood at 20 million dollars.
Source:Xinhua
|
Comment
Tell A Friend
Print Format
Save Article