On 21 February 2017, the Government of Ukraine authorized First Vice Prime Minister-Minister of Economic Development and Trade Stepan Kubiv to ink the Agreement for the Promotion and Reciprocal Protection of Investments as well as setting up the Joint Commission on economic, trade and technical cooperation between the Government of Ukraine and the Government of the State of Qatar.
The signing of these documents will allow the country to establish the MFN principle to investors from Qatar, introduce additional opportunities and guarantees for the protection of investments, as well as deepening a bilateral dialogue aimed to strengthen trade, economic and technical cooperation.
For the revitalization of the work we ought to keep constant contact with our Qatari counterparts. The establishment of the intergovernmental Joint Commission gives practical tools for dialogue and fruitful cooperation. As we still have a way to enhance cooperation: Ukraine can offer Qatar agricultural products and in its turn Qatar - beneficial deals on oil products", commented on the decision of the Government Stepan Kubiv.
Throughout 11 months of 2016, trade turnover between Ukraine and Qatar amounted to nearly $37.41 million. The Agreement for the Promotion and Reciprocal Protection of Investments means additional guarantees against unlawful expropriation and nationalization of investments, free transfer of payments, the internationally recognized procedures for settling disputes between investors.
"The low level of trade with Qatar reveals untapped opportunities for both countries. The main sector of economy of Qatar is the extraction and processing of oil, the country has the highest GDP per capita. While agriculture of Qatar satisfies about 10% of the country's needs. Hence, we see good opportunities for the development of cooperation between Qatar and Ukraine ", underlined Stepan Kubiv.
The Ministry of Economic Development and Trade expects that signing the abovementioned Agreement should stimulate the flow of Qatari investment and technologies, enhancement of investment cooperation, increased foreign trade turnover, as well as reduce non-commercial risks and promote a positive image of Ukraine on the international arena, in particular through the activities aimed to strengthen the international legal framework for the protection of investors.