Photo from UNIAN
The Ukrainian government hopes to expand trade relations with and attract investment from the United States, as this country is Ukraine’s strategic partner and the world’s largest economy, Ukrainian Minister of Economic Development and Trade Aivaras Abromavicius wrote on his Twitter page.
"America is the largest economy. We look forward to the expansion of trade and inflow of investment. It is critically important for Ukraine," Abromavicius wrote.
According to the ministry's press service, Ukrainian Economy Minister Aivaras Abromavicius and U.S. Secretary of Commerce Penny Pritzker discussed prospects of developing trade relations between the two countries, as well as the establishment of an attractive investment climate in Ukraine.
As UNIAN reported earlier, Ukraine will receive U.S. loan guarantees in the amount of $1 billion if the country implements the economic program of the International Monetary Fund and implements anti-corruption reforms.
The funds will be used to carry out reforms in the field of economy and improvement of the investment climate.
The Ministry of Economic Development and Trade intends to include additional items in the U.S. Generalized System of Preferences (GSP) - a special trade regime of the U.S. government providing developing countries with preferential access to developed country markets - that resumed operation in July, allowing duty-free treatment for any eligible product.
The amount of duty-free trade between Ukraine and the United States under the GSP is estimated at about $200 million.
Read alsoUkraine’s Trade Representative: Russian embargo not to affect our economyUkrainian companies have the right to export around 5,000 items under a duty-free regime until December 31, 2017. At the same time, this regime envisages the implementation of a number of conditions by Ukraine, namely, ensuring the effective protection of intellectual property rights and labor rights, as well as compliance with the requirements for marking the country of origin of a product for purposes of international trade.