Ministry of Economy discloses details of updated free trade agreement between Ukraine and Canada
The new free trade agreement between Ukraine and Canada should expand the involvement of domestic businesses in international supply chains.
Source: the Ministry of Economy of Ukraine
The authority says that the new agreement significantly changes the trade regime between Ukraine and Canada. As part of the signed document, Ukraine and Canada concluded an agreement on digital trade, which became the second for Ukraine after the corresponding Agreement with the United Kingdom.
Quote: "This agreement takes the trade relations of the two countries to a new dimension because we applied a new liberal method in terms of services when preparing the document – everything that is not prohibited is allowed. That is, the Agreement does not regulate what is allowed, but on the contrary – it carefully stipulates exceptions to the complete freedom of provision of services", Yuliia Svyrydenko, First Deputy Prime Minister of Economy explains.
Svyrydenko says the section dealing with trade in goods contains new rules of origin that allow the use of parts or ingredients from the EU, UK, and Israel for goods exported to Canada duty-free. This will expand the involvement of Ukrainian manufacturers in global supply chains.
Apart from that, the agreement contains a modern section on digital trade between Ukraine and Canada, based on the principles of free and open development of the digital ecosystem of the economy. In particular, the digital component of the agreement guarantees freedom of cross-border transfer of information, freedom to choose the location of equipment, freedom of source code, and open access to the Internet.
The ministry adds that the concluded agreement should be a step towards active preparation for the future economic development of liberated Crimea and the role of the Crimean Tatars in this. After all, it is about strengthening the role of indigenous peoples in the economy and international trade.
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