Ukraine and China signed a memorandum of understanding in the sphere of trade and economic cooperation
Ministry of Economy of Ukraine and the Ministry of Commerce of China signed a memorandum of understanding in the sphere of trade and economic cooperation. This was reported on Oct. 27 press-service of Ministry of Economy of Ukraine.
According to Economy Minister Bohdan Danylyshyn, the purpose of this memorandum is to establish a framework of Ukrainian-Chinese relations on the functioning of mechanisms to develop trade and economic cooperation taking into account both the national interests of Ukraine and China, but also the requirements and rules of the World Trade Organization.
During the meeting the parties agreed to introduce a system of monitoring the bilateral trade in goods with subsequent analysis of the submissions received to determine the position of trade, which can be applied anti-dumping, countervailing and special measures. The said monitoring is conducted on semi-annual basis.
The memorandum is signed for five years and is automatically renewed for the following periods, unless either party not less than six months before the end of the primary or any of the following periods did not inform the other through diplomatic channels of its desire to terminate the memorandum.
"Conclusion of a memorandum of this year will be a necessary measure for the coherent development of appropriate conditions for Ukraine’s cooperation with China and will protect the interests of Ukrainian commodity producers on domestic and foreign markets under the anti-dumping, special safeguards and countervailing duty investigations, as well as be an effective mechanism of bilateral cooperation, - summarized B. Danilishin.