Modernization of the Free Trade Agreement with Canada

by Olha Povaliaieva
Friday, January 28, 2022
Modernization of the Free Trade Agreement with Canada

Ukraine and Canada plan to revise and expand the terms of CUFTA dated August 1, 2017

Chrystia Freeland, deputy prime minister of Canada, announced the upcoming talks. The updated free trade zone agreement will include provisions not included in the first version of the agreements and cover more activity areas. The agreement will open up new opportunities for “workers, businesses, and consumers in both countries.”

“I was in Kyiv in 2016 to sign the original trade agreement between our states. Today, on the 30th anniversary of the" rel="dofollow">establishment of diplomatic relations between Canada and Ukraine, we are further deepening our economic partnership at a time when our support is critical,” Chrystia Freeland.

On January 27, 2022, the minister of economy of Ukraine, Yulia Sviridenko, and Canadian representatives discussed “further strengthening of bilateral relations through trade.”

“Ministers announced that Canada and Ukraine will begin negotiations to modernize the Free Trade Agreement between Canada and Ukraine. The first round of negotiations will start as soon as possible”, Ministry of the economy of Ukraine.

Recall that CUFTA has been operating since August 1, 2017, and has created favorable conditions for a significant reduction in fees. The expanded agreement “will contribute to stability and broader economic development of Ukraine,” confidently the Ministry of the economy of Ukraine.

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