Ukraine and the United States deepen mutual customs cooperation

Ukraine Economy: Ukraine and the USA deepen mutual customs cooperation

This article discusses recent developments in #trade cooperation between the #United States of America and #Ukraine. In particular, the recent statistical data as well as conclusion of the #Customs Mutual Assistance Agreement show consistent growth in #economic cooperation between two states.

Visit our website if you are interested in the #Ukrainian economy or #doing business in Ukraine.

On 23 May 2016, the intergovernmental Customs Mutual Assistance Agreement between Ukraine and the United States of America was signed by the respective representatives of both countries. The aim of such agreement is joint collaboration on investigations, sharing of best practices, and enforcement of customs laws, including assistance in preventing of duty evasion, trafficking, proliferation, money laundering, and terrorism-related activities. Customs Mutual Assistance Agreement will also serve as the basis for subsequent information sharing arrangements, including mutual recognition of arrangements on authorized economic operator programmes.

Ukraine views this agreement as one of the steps in effective reforming of its customs service and customs regulations. National authorities are expected to benefit from experience shared by the U.S. Customs and Border Protection agency. In addition, it was announced that the Government of the United States of America is going to provide USD 4 million for the purposes of reforming Ukrainian customs authorities within the next two years.

We note that Customs Mutual Assistance Agreement substituted the old agreement which was concluded in 1990. In the last few years Ukraine has concluded similar customs agreements with Croatia and Bosnia and Herzegovina.

In addition, according to available statistical data, the trade turnover between Ukraine and the United States increased by 6% in the first quarter of 2016 and amounts to USD 714 million. It worth noting that import of goods from the United States to Ukraine increased by 26% and amounts approximately USD 610 million. At the same time export of Ukrainian goods to the United States amounted to USD 104 million. However, the overall share of trade turnover with the United States amounts to only 3% of all Ukrainian turnover.

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