Ukraine Signs WTO Agreement With USA.

This morning Ukraine signed a bilateral trade protocol with the US on mutual access to goods and services. The signing of this protocol brings Ukraine one giant step closer to joining the WTO. Ukraine still must sign agreements with Australia, Kyrgyzstan, Panama and Taiwan. President Yushchenko called the signing of the agreement a decisive victory that would boost turnover by 10% and the country’s GDP by 1.5-2%. The Economic Ministry said the country would join the WTO by this autumn. Concorde Capital: Certainly a huge boost for the government’s goal of joining the WTO. Media reports have suggested that in order to get the US’s endorsement Ukraine had to allow more poultry product imports and agree to liberalize restrictions on foreign banking activity in Ukraine.  Before the USA can officially endorse Ukraine’s entry into the WTO the US House of Representatives will have to first revoke the Jackson-Vanik Act, as the Senate did last year.  However this is expected to happen in the near future. Australia is the only country left that may be a major obstacle. However, Ukraine seems to have decided to become more negotiable on the main sticking point, sugar, as this week the government announced they would allow greater amounts of sugar imports. WTO ascension looks well within reach however, depending on the outcome of the elections, the greatest challenge may be getting the Rada to adopt the necessary legislation.