New trade agreement between Ukraine and Canada to enter into force on 1 July
The updated Canada-Ukraine Free Trade Agreement (CUFTA) is to take effect on 1 July, aiming to strengthen the bilateral economic partnership.
Source: the Ministry of Economy
Details: The updated CUFTA will benefit workers, businesses and consumers in both countries by strengthening trade and economic cooperation between Canada and Ukraine.
It is noted that the agreement retains the market access conditions for goods from the 2017 agreement and has been updated to include sections on investment, services and inclusive trade.
The statement emphasises that Canada is committed to strengthening its relationship with Ukraine by supporting its security and stability.
The ministers will continue to provide additional opportunities for Canadian and Ukrainian businesses and workers to foster a strong, sustainable and inclusive economic recovery.
As First Vice Prime Minister and Minister of Economy Yuliia Svyrydenko stressed, the updated CUFTA is the first free trade agreement to pay special attention to Crimea as well as to the Crimean Tatars and to strengthening the role of indigenous peoples in the economy and international trade. This is the basis for the economic development of Crimea after the liberation of the peninsula from the Russian Federation.
In general, the text of the document is based on the standards of the Canada-US-Mexico Free Trade Agreement and the Trans-Pacific Partnership Agreement, which Ukraine is preparing to join. In fact, it is a pact with partners who support Ukraine's trade security.
Background:
- Canada is contributing CAD 76 million (US$55.7 million) to a German-led initiative to rapidly deliver air defence systems to Ukraine to counter Russian attacks.
- This year, the Canadian government will provide Ukraine with another preferential loan of CAD 400 million (about US$307 million).
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