Ukraine has successfully completed the Trade Policy Review at the World Trade Organization; preparations for the Review lasted more than a year.
As reported by Ukrinform, the Ministry of Economy reported this.
“Ukraine successfully conducted the Trade Policy Review at the World Trade Organization for the second time. The meeting took place on February 26 and 28 at the WTO headquarters in Geneva,” the statement said.
The delegation was headed by Deputy Minister of Economy – Trade Representative of Ukraine Taras Kachka.
Preparations for the Review lasted more than a year; in December, WTO members received reports from the Secretariat of the Organization and the Government of Ukraine for analysis.
“We have received over 400 written questions from 20 WTO members, mainly on trade and investment regimes. This confirms the significant interest in deepening economic cooperation with Ukraine, despite the war. We especially value feedback on the sustainability of the economy, the critical role of agricultural exports in global food security and the development of industries with high added value,” Kachka said.
WTO members also praised progress in protecting intellectual property and implementing transparency commitments, he said.
According to Kachka, a successful review of trade policy will help strengthen Ukraine’s trade relations with its partners.
The Ukrainian Trade Representative singled out as an achievement of economic diplomacy the fact that at a WTO meeting, for the first time, a joint statement by 45 members of the organization condemning the destructive impact of Russian aggression on the global trading system was included in the protocol.
The statement was distributed as an official WTO document, Utko added.
Conducting reviews of trade policies of WTO members is one of the most important activities of this international organization, the Ministry of Economy reminded.
As reported, the frequency of trade policy reviews depends on the WTO member's share in the total volume of world trade. Ukraine, like many other members of the organization, conducts reviews every seven years, and also when necessary.
Ukraine became a full member of the World Trade Organization in 2008. The first review of Ukraine's trade policy took place in April 2016. The next one was supposed to take place in November 2023, but due to Russia's full-scale aggression, it was postponed to 2025.
Photo: Ministry of Economy