The third session of the Ukrainian-Norwegian Intergovernmental Commission on Trade, Business and Economic Cooperation (hereinafter – the Commission) was held online on a digital platform on 12 November 2020.
The Commission noted with satisfaction the significant progress achieved in strengthening the economic cooperation between Ukraine and Norway since its last session in September 2018, including the steady growth of the bilateral trade, launch by several Norwegian companies of first large-scale investment projects in Ukraine in the renewable energy, ongoing implementation of a number of initiatives and projects in the energy sector, IT, tourism promotion, and constructive engagement of both sides in exploring new projects and areas of cooperation.
The Norwegian side reaffirmed Norway’s commitment to continue to support Ukraine’s reform efforts, bilaterally as well as in cooperation with other partners, and underlined the importance of reliable investment conditions and intensified reform implementation. The Ukrainian side reiterated Ukraine’s commitment to continue creating favourable and predictable framework conditions for increased trade and investment, including by accelerating reform process and strengthening anti-corruption measures. The Ukrainian and Norwegian sides reiterated their commitment to cooperate in combating the COVID-19 pandemic, including in limiting its negative impact on their societies and economies.
The Ukrainian and Norwegian sides agreed that further enhancement of the economic relations between Ukraine and Norway will be of great benefit for their economies, as well as for further consolidation of the Ukrainian-Norwegian partnership which is based on shared values, common interests and over millennium old historical ties. More proactive economic engagement between Ukraine and Norway will also be an important factor in maintaining the pace of the Ukrainian reforms and supporting Ukraine’s goals of integration with the European Union and thus contribute to building a Europe that is whole, free and at peace.
The Commission identified the following short-term priorities in order to support and further strengthen the positive trends in the economic cooperation between Ukraine and Norway:
1. The Ukrainian and Norwegian sides will take additional steps in order to raise the awareness of the Ukrainian and Norwegian companies about business opportunities offered by the Ukrainian-Norwegian trade and investment cooperation, by encouraging relevant stakeholders to continue conveying information about economic opportunities in Norway and Ukraine to potentially interested Ukrainian and Norwegian businesses and stronger engagement between the Ukrainian and Norwegian agencies and business associations created in order to support international cooperation of Ukrainian and Norwegian companies.
2. The Ukrainian and Norwegian sides will welcome an active exchange of ad-hoc trade and investment missions composed of representatives of interested companies and organizations, including to the Norwegian and Ukrainian regional centres of economic activities, as well as encourage the participation of interested Ukrainian and Norwegian organizations in the most important trade fairs, exhibitions, investment forums and other major business events in Norway and Ukraine.
3. The Ukrainian and Norwegian sides will consider periodic review of the legal instruments that regulate the Ukrainian-Norwegian trade and investment cooperation in order to identify regulations that might require modernization or improvement.
4. The Ukrainian and Norwegian sides will intensify their efforts in order to ensure the implementation of the commitments enshrined in the Joint Statement on Strengthened Ukrainian-Norwegian Energy Cooperation signed by the Heads of Government of Ukraine and Norway on 28 January 2019. In particular, they will strive to achieve new progress in implementing the Ukrainian-Norwegian Energy Efficiency Initiative; continue the effective cooperation in the areas of nuclear safety and nuclear security; encourage exchange of information and experience between relevant Ukrainian and Norwegian authorities on regulatory policies, licencing procedures and management of petroleum resources; engage in the institutional cooperation in the field of renewable energy, including hydropower.
5. The Ukrainian and Norwegian sides will further develop and strengthen the existing bilateral economic cooperation, including in the fields of seafood trade, energy efficiency and renewable energy, IT and tourism.
6. The Ukrainian and Norwegian sides will continue to explore new opportunities for bilateral cooperation in such areas as fisheries, aquaculture, construction industry, textile manufacturing, high-tech sector, and other spheres. In this connection, they welcomed that the Ukrainian and Norwegian Space Agencies and aerospace companies will explore potential projects for mutually beneficial cooperation in the aerospace industry.
7. The Ukrainian and Norwegian sides agreed to hold the next session of the Commission in 2021 in mutually convenient venue and format.
Co-chair of the Ukrainian side of the Commission
Minister of Culture and Information Policy of Ukraine
Co-chair of the Norwegian side of the Commission
Minister of Trade and Industry of the Kingdom of Norway