The Office of the U.S. Trade Representative announced April 1 that the U.S. and Ukraine have signed a trade and investment cooperation agreement. The pact, which is substantially similar to the Trade and Investment Framework Agreements the U.S. has negotiated with other trading partners, provides for the formation of a joint Council on Trade and Investment that will address market access, intellectual property, labor, environmental and other issues. The council will also identify and work to remove impediments to trade and investment flows between the two countries.
The USTR notes that trade and investment between the U.S. and Ukraine has grown steadily in recent years. U.S. goods exports to Ukraine in 2007 were valued at $1.3 billion, up 77.4 percent from 2006 and 644 percent from 1994, while U.S. goods imports from Ukraine totaled $1.2 billion, down 25.6 percent from 2006 but up 277 percent from 1994. U.S. foreign direct investment in Ukraine was $1.44 billion as of Jan. 1.
The WTO approved the terms of Ukraine’s accession in February. Ukraine will officially become a WTO member 30 days after it ratifies the accession protocol, which is expected to occur before July 4.
World Trade/Interactive
