U.S. Secretary of Commerce Gina Raimondo earlier this month signed a memorandum of understanding (MOU) outlining areas of renewed cooperation on trade with Ukrainian First Deputy Prime Minister and Minister of Economy Oleksiy Lyubchenko.
The MOU is highlighted by collaboration on Ukraine’s economic transformation in promising sectors for trade, including infrastructure, agriculture, defense, health care and the digital economy, industries affecting Ukraine’s energy transition and decarbonization efforts, the U.S. Department of Commerce said in a press release.
“With the right policy conditions in place, there is significantly greater potential and opportunity for increased commercial engagement between the U.S. and Ukraine,” Raimondo said. “Signing this Memorandum of Understanding helps to set the directions for growing our relationship.”
The U.S. supports specific measures for Ukraine to include intensifying Ukraine’s fight against corruption, increasing the effectiveness and independence of the court system, strengthening intellectual property rights protections, and implementing corporate governance reforms, the press release stated.
Led by the Under Secretary of Commerce for International Trade, the International Trade Administration encourages investment and trade, abiding by the trade laws and agreements. According to the ITA website, their mission is to "Create prosperity by strengthening the international competitiveness of U.S. industry, promoting trade and investment, and ensuring fair trade and compliance with trade laws and agreements."