Ukraine and the European Union signed the administrative agreement on informal dialogue on business climate within the framework of the 16th EU-Ukraine summit.
The agreement was signed by economic development and trade minister of Ukraine Ihor Prasolov and European Commission's Director General for Trade Jean-Luc Demarty.
The issue of the dialogue functioning was approved at the highest political level during the 15th meeting of the EU-Ukraine Cooperation Council on May 15, 2012.
The purpose of the informal dialogue is promoting bilateral trade and effective solution to issues of mutual interest in the field of trade and investment through the timely exchange of information between public authorities and in close cooperation with the business community.
The administrative agreement confirms the intention of the parties to exchange information, prior information on activities in the field of trade and investments, to remove barriers to trade, to apply new approaches to improve trade and investment relations.
The document also provides for a methodology of the dialogue functioning, including communication procedures, funding for participations of delegations in the meetings, as well as reporting to bilateral EU-Ukraine bodies on the dialogue results.
The administrative agreement is concluded for the term of five years with a possibility of an automatic extension of its validity.
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