On October 23, 2018, the eighth meeting of Ukraine –United States Trade and Investment Council (TIC) with the participation of First Vice Prime Minister/Minister of Economic Development and Trade of Ukraine Stepan Kubiv, Deputy United States Trade Representative Jeff Gerrish, representatives of the line U.S. ministries and departments, as well as U.S.-Ukrainian Business and Industry Business Association took place in Washington.
The eighth meeting was devoted to the issues of mutual trade and investment cooperation between Ukraine and the United States.
"We are praising the dynamic development of trade and economic cooperation between Ukraine and the U.S. Last year our turnover increased more than one and a half times and exceeded $3.3 billion. The growth tendency continues in 2018. In 8 months, we see an increase in exports of Ukrainian products to the U.S. market by 31.6% - to $726.7 million", Stepan Kubiv stressed, while opening the meeting of the TIC.
"At present, the U.S. investment project portfolio in Ukraine amounts to almost $ 554.5 million, and we see the continued interest of American business in the investment component of our partnership. Therefore, we urge [U.S.investors] to take an active part in the privatization of [state-owned enterprises] in Ukraine", Stepan Kubiv stated.
The participants discussed key joint efforts targeted to establish a favorable business climate in Ukraine, increase the inflow of investments, expand bilateral trade opportunities and market access on mutually beneficial terms, in particular for agricultural products, including food safety issues. In addition, considerable attention was paid to improving the technical regulation, certification of industrial products, tariff regulation, removal of technical barriers to trade, as well as improving the protection of intellectual property rights in Ukraine.
Ukraine and the United States signed the United States-Ukraine Trade and Investment Cooperation Agreement (TICA) 2008. The TICA established the Trade and Investment Council as the primary intergovernmental mechanism to deepen the bilateral trade and investment relationship between the countries.