Ukraine ratifies the WTO Agreement on Government Procurement

investing in Ukraine: Ukraine ratifies the WTO Agreement

This article discusses the recent #ratification of the #WTO Agreement on #Government Procurement by #Ukrainian Parliament, which will lead to significant development in #public procurement area both in Ukraine and for #Ukrainian companies participating in #procurement tenders abroad.

Visit our website if you are interested in #doing business in UkraineĀ or looking for new #investment opportunities.

On 16 March 2016 the Verkhovna Rada of Ukraine ratified accession of Ukraine to the WTO Agreement on Government Procurement.

This Agreement is one of the most important among agreements in the area of public procurement and specifies the legal framework for government procurement by the states which are the parties to the Agreement (EU member states, the USA, Japan, Canada, Hong Kong, Singapore, Korea, etc.).

In accordance with the Ukrainian law, the market of public procurement in Ukraine is open for all states which are the parties to the Agreement; however, the markets of the signatories to the Agreement, until now, were closed for Ukrainian business. Following ratification of the Agreement the Ukrainian companies will have access to new international markets with the annual volume of procurement of around USD 1.7 trillion.

In addition, the other purposes for ratification of the Agreement are reforming of public procurement system and creation of effective and clear trade environment with decrease of corruption practices. Moreover, implementation of the provisions of the Agreement will lead to more active integration of Ukraine with EU.

Ratification and further implementation of the Agreement will increase competitiveness of Ukraine at international markets, increase volumes of Ukrainian export, ensure use of best international practices in the area of public procurement.

We note that in November 2015 the Verkhovna Rada ratified the Protocol, which envisages inclusion of the Agreement on simplification of trade procedures to Appendix 1A of the Marrakech Agreement on establishment of the WTO.

The Agreement on simplification of the trade procedures is aimed at simplification of customs procedures through, in particular, decrease of financial expenditures related to them and shortening of time for such procedures, improvement of transparency, promotion of a single window approach, and combating corruption.

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