On Wednesday, US Secretary of Commerce Gina Raimondo and First Deputy Prime Minister of Ukraine and Minister of Economy Oleksiy Lyubchenko signed a Memorandum of Understanding (MOU) in Washington, which outlines areas for resuming trade cooperation.
The Memorandum of Understanding also recognizes US support for Ukraine's efforts to improve its business and investment climate, which could help expand trade ties between the US and Ukraine. Specific measures include strengthening Ukraine's fight against corruption, increasing the efficiency and independence of the judiciary, strengthening the protection of intellectual property rights and implementing corporate governance reforms.
As stipulated in the Memorandum of Understanding, the two countries will cooperate on Ukraine's economic transformation in promising trade sectors, including infrastructure, agriculture, defense, health care and the digital economy, as well as in industries affecting Ukraine's energy transition and efforts to decarbonization.
“Given the right political conditions, there is much more potential and scope for expanding commercial interaction between the US and Ukraine,” said Secretary of State Raimondo. “The signing of this Memorandum of Understanding helps to set directions for the development of our relationship.”
First Deputy Prime Minister Lyubchenko is on a visit to Washington this week as part of a delegation from Ukrainian President Volodymyr Zelensky. On September 1, US President Joseph Biden met with President Zelensky at the White House.