Canada, Ukraine to start negotiating CUFTA expansion

“In 2016, I was in Kyiv for the signing of the original free trade agreement between our two countries. And today, on the 30th anniversary of diplomatic ties between Canada and Ukraine, we are further deepening our economic partnership at a time when our support is of critical importance,” Chrystia Freeland, Deputy Prime Minister and Minister of Finance of Canada, said in Ottawa on January 27, an Ukrinform correspondent reported.

As noted, Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development of Canada, met with Yulia Svyrydenko, Ukraine’s First Deputy Prime Minister and Minister of Economy, and the parties “committed to further strengthening bilateral relations through trade.” “The ministers announced that Canada and Ukraine will proceed with negotiations on the modernization of the Canada-Ukraine Free Trade Agreement (CUFTA), with the first round of modernization negotiations to take place as soon as feasible,” the statement reads.

As noted, a modernized trade agreement will further “benefit workers, businesses and consumers in both countries. The modernization of CUFTA will also contribute to Ukraine’s stability and broad-based economic development.”

The Canada-Ukraine Free Trade Agreement entered into force on August 1, 2017, and allowed for the mutual abolition or reduction of import duties on most commodity items. It was settled that the deal would be further expanded to cover services and investment.

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