KYIV – On July 11, Canada’s Prime Minister Justin Trudeau, Ukraine’s President Petro Poroshenko and Prime Minister Volodymyr Groysman witnessed the signing of the milestone Canada-Ukraine Free Trade Agreement (CUFTA).
Canada’s International Trade Minister Chrystia Freeland and Ukraine’s First Vice Prime Minister and Minister of Economic Development and Trade Stepan Kubiv signed the trade agreement in Kyiv during Prime Minister Trudeau’s first official visit to Ukraine on July 11-12.
A release from the office of the prime minister noted that the government of Canada remains committed to working with Ukrainian government and business leaders to deepen the commercial ties between the two countries and create jobs, strengthen the middle class and grow their economies.
Prime Minister Trudeau said, “The Canada-Ukraine Free Trade Agreement represents a significant milestone in the relationship between Canada and Ukraine. It will bolster our economies, spur innovation, and lead to long term benefits for the middle class and those working hard to join it.”
Minister Freeland, a Ukrainian Canadian, commented: “Canada and Ukraine know that trade is essential to jobs and growth. By improving market access and creating more predictable conditions for trade, the Canada-Ukraine Free Trade Agreement will generate new opportunities for Canadians and Ukrainians alike.”
“The agreement is part of Canada’s continued commitment to supporting Ukraine’s efforts to build a stable, democratic, and prosperous country,” the prime minister’s office noted, adding that “Both Canada and Ukraine are committed to the timely ratification and implementation of CUFTA – so that Canadians and Ukrainians alike can take advantage of its benefits as soon as possible.”
Now that the Canada-Ukraine Free Trade Agreement has been signed, Canada and Ukraine will go through their respective domestic legislative processes to ratify and implement the agreement.
CUFTA fact sheet
The government of Canada provided the following information on the new trade agreement and its ramifications.
• Canada and Ukraine announced the conclusion of the Canada-Ukraine Free Trade Agreement (CUFTA) negotiations in 2015.
• Ukraine offers numerous opportunities for Canadian businesses and investors, in areas such as information and communication technologies, agriculture, infrastructure and logistics, aerospace, defense and security, and energy.
• In 2015, bilateral trade between Canada and Ukraine increased by 13.9 percent over 2014, totaling almost $278 million. Canada’s exports to Ukraine totaled over $210 million in 2015. Examples of products imported by Ukraine include pharmaceuticals, fish and seafood, and coking coal.
• Canada’s merchandise imports from Ukraine totaled more than $67 million in 2015. Major imports included fertilizers, iron and steel, and anthracite coal.