Ukraine and Canada will expand the Free Trade Agreement

12/04/2023 17:45

Ukraine and Canada agreed to expand the Free Trade Agreement. This was reported by the press service of the Ministry of Economy.

Prime Ministers of Canada and Ukraine Justin Trudeau and Denis Shmyhal took part in the official signing ceremony in Toronto. This document will replace the existing Agreement, which has been in effect since 2017.

"In particular, 18 chapters were agreed, 9 of which were completely new. They relate to trade in services, financial and telecommunication services, investments, trade and gender equality, indigenous peoples, appropriate regulatory policies, development and administration of measures for small and medium-sized enterprises," said Denys Shmyhal.

According to him, it is expected that the modernized agreement will contribute to the increase of bilateral trade and open up new economic opportunities for enterprises.

Read also: Hungary tightens control over the transit of Ukrainian grain

As noted by the First Deputy Prime Minister of Ukraine, the Minister of Economy of Ukraine, Yulia Svyridenko, the new Agreement brings significant changes to the trade regime between Ukraine and Canada.

"The Ukrainian Government aims to provide Ukrainian entrepreneurs in foreign markets with the most modern tools for business development and economic recovery of Ukraine. In the new Agreement, we combine trade in goods, services, investment and economic cooperation between Ukraine and Canada. The agreement was prepared during the war, so it should take into account all the urgent needs of business and become an additional business card of our economy in the world," explained Yuliya Svyridenko.

According to her, the main differences of the new Agreement will be that, in addition to canceling tariffs, Ukraine and Canada will expand opportunities for enterprises that have not only Ukrainian, but also foreign components in their products.

"Tariffs will also be canceled on those Ukrainian goods that have components originating from the EU, the European Free Trade Association, Great Britain and Israel. This should encourage the creation of production chains, make the location of production in Ukraine more attractive for foreign investors who plan to supply their goods to the Canadian market," Yulia Svyridenko added.

Ukraine and Canada agreed to expand the Free Trade Agreement. This was reported by the press service of the Ministry of Economy.
Prime Ministers of Canada and Ukraine Justin Trudeau and Denis Shmyhal took part in the official signing ceremony in Toronto. This document will replace the existing Agreement, which has been in effect since 2017.
"In particular, 18 chapters were agreed, 9 of which were completely new. They relate to trade in services, financial and telecommunication services, investments, trade and gender equality, indigenous peoples, appropriate regulatory policies, development and administration of measures for small and medium-sized enterprises," said Denys Shmyhal.
According to him, it is expected that the modernized agreement will contribute to the increase of bilateral trade and open up new economic opportunities for enterprises.
Read also: Hungary tightens control over the transit of Ukrainian grain
As noted by the First Deputy Prime Minister of Ukraine, the Minister of Economy of Ukraine, Yulia Svyridenko, the new Agreement brings significant changes to the trade regime between Ukraine and Canada.
"The Ukrainian Government aims to provide Ukrainian entrepreneurs in foreign markets with the most modern tools for business development and economic recovery of Ukraine. In the new Agreement, we combine trade in goods, services, investment and economic cooperation between Ukraine and Canada. The agreement was prepared during the war, so it should take into account all the urgent needs of business and become an additional business card of our economy in the world," explained Yuliya Svyridenko.
According to her, the main differences of the new Agreement will be that, in addition to canceling tariffs, Ukraine and Canada will expand opportunities for enterprises that have not only Ukrainian, but also foreign components in their products.
"Tariffs will also be canceled on those Ukrainian goods that have components originating from the EU, the European Free Trade Association, Great Britain and Israel. This should encourage the creation of production chains, make the location of production in Ukraine more attractive for foreign investors who plan to supply their goods to the Canadian market," Yulia Svyridenko added.
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