TRADE RELATIONS

Ukraine and India have had trade and diplomatic relations since the 1960s when Ukraine was a part of the Soviet Union. After the dissolution of the Soviet Union, India and an independent Ukraine established diplomatic relations in January 1992. Embassies were soon set up in both countries and a treaty on friendship and co-operation was signed, in 1992, between the two countries to give a boost to bilateral trade. Today Ukraine is the second largest partner from the CIS, involved in trade relations with India.

Since1992 Ukraine and India have signed, atleast 17 bilateral agreements. These include agreements on Cooperation in Science and Technology, Foreign Office Consultation, Cooperation in Space Research, Avoidance of Double Taxation and Promotion and Protection of Investments. Several high powered delegations from both countries have taken part in talks to help inform and educate each other and thus increase trade value.

To improve trade relations between the two countries, in 1999 an Avoidance of Double Taxation Treaty and Prevention of Fiscal Evasion agreement was signed by both countries. More recently, that is in 2001, an extremely important agreement for Promotion and Protection of Investment has also been signed. Joint Business Councils and Joint Buisness Forums have been set up by the Chambers of Commerce of both countries to help interaction and to build better and stronger economic ties at the private sector level. In March 2000, India-Ukraine JBC was signed.

Since 2001, regular sessions of Ukrainian-Indian Inter-Governmental Commission on Trade, Economic, Scientific, Technological, Industrial and Cultural cooperation have been held to find joint solutions to issues which could arise in the process of co-operation between the two sides. This in turn helps to plan and develop the trade and economic relations between the two countrie

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