Ratification of Canada-Ukraine Free Trade Agreement by the Verkhovna Rada will help improve economic relations between the two countries: Yuliia Svyrydenko
17.04.2024 | 12:39 | Section for Public and Mass Media RelationsThe Government welcomes the ratification of Canada-Ukraine Free Trade Agreement (CUFTA) by the Verkhovna Rada of Ukraine. The agreement between the two countries will contribute to the further development of bilateral trade and economic cooperation, allow domestic producers to benefit from the liberalisation of Canadian goods markets and open up opportunities for Ukrainian business to expand their sales markets, as well as to develop and modernise their own production. This was stated by Yuliia Svyrydenko, First Deputy Prime Minister - Minister of Economy of Ukraine.
“The Verkhovna Rada of Ukraine has ratified the updated Canada-Ukraine Free Trade Agreement. I am grateful to MPs for this important decision. This trade agreement is one of the most modern in the world. I am also sincerely grateful to my Canadian partners for their joint efforts in updating this important mechanism. Its ratification will help improve trade between Ukraine and Canada. It will also ensure more active involvement of Canadian business in Ukraine’s recovery,” Yuliia Svyrydenko said.
The updated Canada-Ukraine Free Trade Agreement includes special new chapters on cross-border trade in services, financial services, investment, temporary entry for business persons, telecommunications, trade and gender, trade and small and medium-sized enterprises, trade and indigenous peoples, and good regulatory practice.
The document also includes updated chapters on digital trade, rules of origin, competition policy, monopolies and state-owned enterprises, public procurement, environment, labour, transparency, anti-corruption and responsible business conduct.
In preparing the Agreement, Ukraine and Canada agreed on the current lists of all restrictive measures and indications of possible future reservations on market access and national treatment applied by the parties in the area of cross-border trade in services and investment. These lists reflect the regimes of both sides in service sectors and subsectors, providing transparency and predictability for both Ukrainian and Canadian service providers and investors.
Background:
On 22 September, President of Ukraine Volodymyr Zelenskyy and Prime Minister of Canada Justin Trudeau signed the updated Canada-Ukraine Free Trade Agreement.
Canada completed the ratification of the updated Free Trade Agreement on 20 March 2024. The agreement will enter into force after the President of Ukraine signs the law.
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