Canada Concludes Free Trade Agreement With Ukraine
Canadian Prime Minister Justin Trudeau, Ukraine’s President Poroshenko and Prime Minister Groysman witnessed the signing of the Canada-Ukraine Free Trade Agreement (CUFTA) last week.
The agreement is part of Canada’s continued commitment to supporting Ukraine’s efforts to build a stable, democratic, and prosperous country, a government statement said.
Both Canada and Ukraine are committed to the timely ratification and implementation of CUFTA – so that Canadians and Ukrainians alike can take advantage of its benefits as soon as possible.
“Canada and Ukraine know that trade is essential to jobs and growth,” said Chrystia Freeland, Canada’s Minister of International Trade. “By improving market access and creating more predictable conditions for trade, the Canada-Ukraine Free Trade Agreement will generate new opportunities for Canadians and Ukrainians alike.”
Canada’s International Trade Minister, Chrystia Freeland, and Ukraine’s First Vice Prime Minister and Minister of Economic Development and Trade, Stepan Kubiv, signed the Agreement in Kyiv during Prime Minister Trudeau’s first official visit to Ukraine.
Ukraine offers numerous opportunities for Canadian businesses and investors, in areas such as information and communication technologies, agriculture, infrastructure and logistics, aerospace, defense and security, and energy, Freeland said.
In 2015, bilateral trade between Canada and Ukraine increased by 13.9 per cent over 2014, totaling $278 million. Canada’s exports to Ukraine totaled over $210 million in 2015. Examples of products imported by Ukraine include pharmaceuticals, fish and seafood, and coking coal.
Canada’s merchandise imports from Ukraine totaled more than $67 million in 2015. Major imports included fertilizers, iron and steel, and anthracite coal.
Now that the agreement has been signed, Canada and Ukraine will go through their respective domestic legislative processes to ratify and implement the agreement.