Ukraine from October 30, 2019 will return to the U.S. General System of Preferences, according to a proclamation of U.S. President Donald Trump. “On Saturday Kyiv time or on Friday night in Washington, the news came out that Trump has completely returned Ukraine to the General System of Preferences,” Deputy Minister of Economic Development, Trade and Agriculture, Ukraine’s trade representative Taras Kachka said at a press briefing on Monday.
He said that all 155 types of goods that were removed from the system of preferences, again will receive the possibility of duty-free trade in the United States.
“These are mainly food processing products – confectionery product… [and also] industrial products, especially complex engineering products,” Kachka said.
He said that the return to the system of preferences was made possible thanks to the progress in introducing new legislation on collective management organizations (CMOs).
“This is unlikely to affect trade statistics, since these are not mass products, but will positively influence small and medium-sized businesses,” Kachka added.
As reported, in 2018, the United States suspended the General System of Preferences, which allows the import of more than 3,500 types of goods to the United States duty free, for 155 types of Ukrainian goods due to systematic copyright violation.
Ukrainian President Volodymyr Zelensky has arrived in the United States to participate in the 74th session of the UN General Assembly (UNGA) in New York, the press service of the Office of the President reported in the Telegram channel.
“Zelensky will deliver a speech during the general debate of the UN General Assembly, and will also take part in the Sustainable Development Goals Summit,” the press service said.
In New York, Zelensky will hold a series of bilateral meetings with foreign leaders, including with U.S. President Donald Trump.
In addition, during the visit, the head of the Ukrainian state will meet with leaders of the Ukrainian community in the United States, as well as with representatives of American business circles.
The United States and Ukraine continue to prepare for the visit of President of Ukraine Volodymyr Zelensky to the United States, Kurt Volker, the Special Representative of the U.S. State Department for Ukraine Negotiations, said. “We are working on President Zelensky visit to the White House,” Volker said at a briefing in Kyiv on Saturday.
As reported, on July 25, U.S. President Donald Trump and Ukrainian President Volodymyr Zelensky during a telephone conversation agreed to substantively discuss practical issues of Ukrainian-American cooperation during the visit of the Ukrainian head of state to the United States.
A Ukrainian delegation will study best practices in trading in commodities futures in the United States, Yulia Vitka, the deputy head of the USAID Financial Sector Transformation project, wrote on Facebook. “A delegation from Ukraine is once again leaving for Chicago to get in-depth knowledge of the activities of commodities futures trading giants such as stock exchanges (CME), elevators (COFCO), traders (ADM) and to talk to the biggest U.S. associations in these areas, such as the National Grain Association and the National Futures Association,” Vitka wrote.
She stated the delegation will focus on the agricultural and power industries, in which Ukraine “has got all the prerequisites to turn into a regional hub.” According to her, the implementation of such an instrument will allow to promote fair competition and reasonable pricing and to attract investors.
“What can be done as of today? First of all, vote for draft law No. 9035 that not only introduces financial instruments but also creates respective safety levers so that the trade would remain within the established rules, which will be trusted and respected,” Vitka said.
As was earlier reported, experts from the National Commission on Securities and the Stock Market and the USAID Financial Sector Transformation project announced in late 2017 that within a span of five years Ukraine stands a good chance to create a futures contracts market for agricultural products that will be worth $8 billion and for energy products worth about $20 billion.
