Canada has approved a new free trade agreement with Ukraine

Yesterday, March 19, members of the upper house of the Parliament of Canada (Senate) approved a new free trade agreement with Ukraine (CUFTA), which will replace the previous one that has been in effect since 2017.

This is stated on the website of the Canadian government.

"A modernized CUFTA will promote open, predictable and inclusive trade, increase transparency, reduce costs for businesses and support Ukraine's economic recovery and long-term prosperity. The agreement strengthens trade relations, encourages innovation and promotes economic growth for both Canadians and Ukrainians, creating good jobs and local benefits," the statement said.

The Canadian Senate approved the bill on third and final reading less than an hour before signing. Earlier, this draft law passed the three-stage path in the House of Commons.

In order for entrepreneurs from both countries to be able to take advantage of the Agreement, it still needs to be ratified by Ukraine.