The American Chamber of Commerce in Ukraine has said that it is the European path that will open new and exciting opportunities for Ukraine from the viewpoint of modernizing and diversifying the economy, and has called on the country's leadership, despite the government's decision to suspend the signing of an Association Agreement with the EU, not to delay this process.

"In view of the recent Ukrainian government decisions to postpone signing of these important bilateral agreements, the American Chamber of Commerce believes that Vilnius Summit is the right place and time for Ukrainian leadership to take this crucial step," the Chamber said in a statement on Thursday.

The statement notes that the American Chamber of Commerce has always been consistent in supporting and encouraging the Ukrainian leadership to continue moving towards reaching the goal of becoming an integral part of the European community.

"Enjoying the benefits of the Association Agreement while maintaining close economic ties with Ukraine’s traditional partners, such as Russia, is critically important. However, we strongly believe that it is the European path that will open new and exciting opportunities for the country from the viewpoint of modernizing and diversifying the economy, switching to world-class production and quality standards, introducing a proper legal framework for investment and doing business, and utilizing international best practices adapted to Ukrainian reality," reads the statement.

The Chamber said that the signing of the Association Agreement would open up new opportunities for both domestic and international businesses operating in Ukraine, which will help move the economy down the road towards a more prosperous future through enhancing production and exports of agricultural production, including processed food products, strengthening the country's energy independence, and receiving additional investments due to establishment of a more predictable, stable and level playing field, as well securing a freer flow of goods, services, investment and labor.

"We are convinced that signing these agreements now, rather than moving this process to an indefinite future, will send a clear signal and become a natural next step in transition from a stagnant post-Soviet economy to a vibrant market economy in the heart of Europe. We all realize that this transformation will not be easy and even implies some short-term challenges at the initial stage of this long-term effort," reads the statement.

The Chamber's Member Companies also expressed their readiness to use their expertise and practical skills to assist the businesses and the government of Ukraine in facilitating this process and attracting more business and investment, thus stimulating economic growth, creating more jobs and raising living standards in the country.