On June 2, the Chamber held a Round Table “Mechanisms of Improvement of Foreign Economic Activities’ Regulation” in partnership with Chamber Member Company EPAP Ukraine and with participation of Daniel Bilak, Director of the Investment Promotion Office – UkraineInvest, Tetyana Korotka, Deputy Business Ombudsman, Tamara Solyanyk, Director of the USAID "Leadership in Economic Governance" Program, Mykhailo Serebryakov, Project Manager in public initiative “Together Against Corruption” as well as representatives of the Ministry of Economic Development and Trade of Ukraine. Among the key issues discussed were special economic sanctions initiated by law enforcement agencies and their practical application by the Ministry of Economic Development and Trade of Ukraine.
Among the keynote speakers were:
In the course of discussion Sergiy Grebenyuk and Anton Sintsov (EPAP Ukraine) presented examples of ineffective and burdensome national regulatory policy in the sphere of foreign economic activities’ regulation, including arrests of accounts, prohibition of foreign economic activity (up to 3 months). In addition, the procedure of challenging sanctions is quite complicated as well. Among the risks highlighted were: corruption schemes, lack of transparency and predictability.
Daniel Bilak, Director of the Investment Promotion Office – UkraineInvest stressed that national system of foreign economic activities’ regulation has to be more transparent and predictable for business and there is a need to improve legislation in this sphere.
Tetyana Korotka, Deputy Business Ombudsman mentioned the need to bring more clarity into the process of economic sanctions’ application and authorities of different responsible bodies.
Mykhailo Serebryakov, Project Manager in public initiative “Together Against Corruption”, in his turn, covered the issue of the need to update current legislation (namely Law “On Foreign Economic Activity” and the Order of MEDT #52). In addition, Mr. Serebryakov mentioned that currently the group of experts are working on the new legislative initiative, which is aimed to introduce a balanced approach in regulation of foreign economic activity.
As a result, the following was agreed: