Ukraine and the United States discussed the update of the Trade and Investment Cooperation Agreement (TICA), which was adopted in 2008. The parties expressed a common desire to sign a protocol to the Agreement in the near future, including annexes on anti-corruption and good regulatory practices. This was discussed at a meeting between First Deputy Prime Minister and Minister of Economy of Ukraine Yuliia Svyrydenko and U.S. Trade Representative Katherine Tai in Washington on 4 December.

“Ukraine is ready to sign the protocol to this agreement in early January 2025. This is an important step towards creating a transparent business environment and attracting investment to Ukraine, especially in the context of post-war reconstruction,” said Yuliia Svyrydenko.

According to her, the update of the agreement between the two countries will contribute to Ukraine’s efforts to create a more predictable business environment for American companies that will participate in reconstruction projects and invest in the Ukrainian economy, and will also strengthen cooperation between the both countries.

The agreement provides for the simplification of trade procedures between Ukraine and the United States, in particular by reducing trade barriers, improving market access, promoting the development of exports and imports of goods and services, and maintaining open and fair conditions for doing business.

Another area is investment. The document envisages jointly creating favourable conditions for foreign investment, ensuring investment protection and strengthening bilateral investment cooperation. It also contains sections on support for joint initiatives and projects in various sectors of the economy, including energy, infrastructure, and the agricultural sector. It also provides technical support and advice to the Ukrainian Government for the implementation of economic reforms, in particular in the context of improving the institutional environment and legal framework for business development and investment attraction.

Yuliia Svyrydenko and Katherine Tai instructed their teams to continue working on updating the agreement.

The parties also discussed the ongoing review of anti-dumping measures against imports of Ukrainian steel to the United States. Yuliia Svyrydenko noted that it was important for Ukrainian steelmakers to gain greater access to the U.S. market.

The Minister of Economy thanked her American counterpart for supporting Ukrainian business.

Background

The Trade and Investment Cooperation Agreement (TICA) between the Government of Ukraine and the Government of the United States was approved in 2008 to expand trade and economic ties between the two countries.

Work on updating it began in November 2022 during the eleventh meeting of the U.S.–Ukraine Trade and Investment Council. At that time, First Deputy Prime Minister and Minister of Economy of Ukraine Yuliia Svyrydenko and U.S. Trade Representative Katherine Tai announced the start of negotiations on the update of the Trade and Investment Cooperation Agreement (TICA).