According to the latest statistics from the State Statistics Service of Ukraine, U.S.-Ukraine trade turnover in goods totaled $5,98 billion in 2019.
U.S. imports from Ukraine were $ 978,9 million, down 11,9 percent from the previous year. The core of Ukrainian export to the USA was ferrous metals and products, processed vegetable products, electric machines and aircrafts.
Corresponding U.S. exports to Ukraine were $3,284 million, up 10,9 percent. Basic items of American exports were mineral fuels, oil and oil by-products, ground transport (except from rail), boilers, machines, electric machines, optical and photographic devices, oil seeds and oil crops.
The most prospective directions for Ukrainian exporters are supplies of chemicals, food, consumer goods and light industry goods, machines, as well as transport, telecommunication and IT services.
The National Investment Council of Ukraine is an institution that promotes investment and provides advisory solutions for investors. The institution offers priority investment projects support, investment environment improvement, guarantee of the protection of investors’ rights, and assessment in effective cooperation of investors with state authorities. The National Investment Council of Ukraine was founded in 2014 and is headquartered in Kyiv, Ukraine.
After Ukraine’s accession to the World Trade Organization in 2008, Ukraine and the United States signed the United States-Ukraine Trade and Investment Cooperation Agreement (TICA) in the same year. The TICA established the Trade and Investment Council (TIC) as the primary intergovernmental mechanism to deepen the bilateral trade and investment relationship between the countries.
The Ukraine-U.S. Trade and Investment Council provides a forum for discussing ways to increase commercial opportunities and to reduce impediments to trade.
The Ninth meeting of the TIC was held in Kyiv, in November 2019.
The next TIC meeting is planned to be held in Washington, DC in 2020.
When importing certain products from Ukraine, U.S. importers can take advantage of Ukraine’s eligibility for the U.S. Generalized System of Preferences (GSP) benefits.
The GSP program allows 3,500 different products to enter the United States duty free.
How do I know if the product is covered by GSP for Ukraine?
Goods marked "A" or "A*" on the list of GSP-eligible products are covered for Ukraine. See web site Office of the United States Trade Representative https://ustr.gov/ section: Issue Areas/ Preference Programs/Generalized System of Preferences (GSP)/GSP Program Information/GSP-Eligible Products.
What does an importer need to do to claim the GSP benefit?
The U.S. importer must claim GSP duty-free treatment by placing the special program indicator “A” for GSP in front of every U.S. tariff line number for which it wants to claim GSP duty-free benefits on U.S. Customs and Border Protection (CBP) entry documentation. Millions of dollars of tariff benefits remain unclaimed each year. Don’t leave money on the table!
What other records and documents may be necessary to benefit from GSP?
Ukrainian exporters and U.S. importers should keep accurate production and accounting records that describe the production process and costs of production of each good exported under GSP. U.S. Customs and Border Protection (CBP) relies on the importer’s attestation that the good meets the rules of origin requirements, but CBP has the authority to ask an importer or producer to provide records to prove that the export is eligible for GSP duty-free treatment.
Do Ukrainian products have to meet a rule of origin requirements to be eligible for GSP?
Yes. Either the product must be: 1) wholly the growth, product, or manufacture of Ukraine; or 2) if foreign inputs are used, the cost of the value of the materials produced in Ukraine plus the direct costs of processing operations performed in Ukraine must be 35% or more of the appraised value of the good at the time of entry into the United States.
Are there any special rules about how the products are shipped to the United States?
Yes. The good can either: 1) be directly shipped to the United States without passing through the territory of any other country; or 2) it can transit other countries, but it must not enter the commerce of another country while being shipped to the United States and shipping documents such as the invoice, bills of lading, and other shipping documents should show the United States as the final destination for the good.
More detailed information about using GSP can be found at the GSP section of the website Office of the United States Trade Representative https://ustr.gov/: Issue Areas/Preference Programs/Generalized System of Preferences (GSP).
Ukraine Investment Promotion Office (UkraineInvest) was established on October 19, 2016 by a resolution of the Cabinet of Ministers of Ukraine as an independent advisory body with a mandate to attract and support foreign direct investment and to help improve Ukraine’s image as a secure investment destination.