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IMPORTANT: As of July 1st, 2011, functions once performed by the Wisconsin Department of Commerce have been moved to other state agencies and the Wisconsin Economic Development Corporation. The former Commerce web site will continue to exist for the next several months as resources are moved to new web site locations. We will make every attempt possible to direct our users to the new locations as web resources are moved.

Division of Investment and Export
PO Box 7970
Madison, WI 53707-7970
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Vol. 7 #4, March 2008

Ukraine Enters WTO after 14 Years of Negotiations
When it broke away from the USSR in the early 90s, there were high expectations for the country that have not been met. It is hoped that membership in the World Trade Organization (WTO) will spur further economic reform and development in the country.

Ukraine is Europe’s second largest country by area, has a large and generally well-educated population (46.6 million people) and possesses of some significant natural resources and an existing industrial base. The country has good trade access through the Black Sea and there is a significant Ukrainian Diaspora in the United States, Canada, Europe and Australia. The World Bank estimated Ukraine’s nominal GDP at $106.1 billion.

The WTO General Council approved Ukraine for membership on February 5. Ukraine will have to ratify the deal by 4 July 2008 and would become a WTO member 30 days after the ratification. As outlined in its market access schedules, Ukraine will have its customs duties capped at rates ranging between zero and 50 percent (bound rates). Some reductions will not reach their final rate until 2013. Ukraine’s average tariff bindings are 10.66 percents for agricultural products and 4.95 percent for industrial goods.