Ukraine and Canada strengthen economic ties with updated trade agreement
The updated Free Trade Agreement between Ukraine and Canada, effective 1 July, aims to bolster economic cooperation while addressing unique regional concerns.
The Ministry of Economy of Ukraine reports that an updated Free Trade Agreement between Ukraine and Canada (CUFTA) will come into force on 1 July.
The agreement aims to strengthen the bilateral economic partnership.
According to the ministry, the revised CUFTA “will benefit workers, businesses and consumers in both countries, enhancing trade and economic cooperation between Canada and Ukraine.”
The agreement maintains market access conditions for goods from the 2017 agreement and has been updated to include sections on investments, services, and inclusive trade.
“Canada is committed to strengthening its relations with Ukraine, supporting its security and stability,” the statement emphasizes.
First Deputy Prime Minister and Minister of Economy Yulia Svyrydenko highlighted a unique aspect of the agreement: “The updated CUFTA is the first free trade agreement that pays special attention to Crimea and Crimean Tatars and strengthens the role of indigenous peoples in the economy and international trade.”
The document is based on the standards of the Canada-United States-Mexico Agreement and the Trans-Pacific Partnership Agreement, which Ukraine is preparing to join.
The ministry notes that Canada will provide Ukraine with another concessional loan of 400 million Canadian dollars (about $307 million) this year.
Canada is allocating 76 million Canadian dollars ($ 55.7 million US) to a German-led initiative to rapidly supply Ukraine with air defense systems to repel Russian attacks.
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