Starting from July 1st, the updated Free Trade Agreement between Ukraine and Canada (CUFTA) comes into effect, aiming to strengthen bilateral economic partnership. This was announced by the Ministry of Economy.
According to the statement, the updated CUFTA will benefit workers, businesses, and consumers of both countries by enhancing trade and economic cooperation between Canada and Ukraine.
The agreement maintains market access conditions for goods established in the 2017 agreement and has been updated to include provisions on investments, services, and inclusive trade.
The statement emphasizes Canada's commitment to strengthening its relationship with Ukraine, supporting its security and stability.
Ministers will continue to provide additional opportunities for Canadian and Ukrainian businesses and workers to stimulate strong, sustainable, and inclusive economic recovery.
First Vice Prime Minister and Minister of Economy Yulia Svyrydenko highlighted that the updated CUFTA is the first free trade agreement that pays special attention to Crimea and Crimean Tatars, enhancing the role of indigenous peoples in the economy and international trade. This serves as a foundation for Crimea's economic development following its liberation from Russian forces.
Overall, the document adheres to the standards of Canada's Free Trade Agreement with the United States and Mexico and the Trans-Pacific Partnership, which Ukraine is preparing to join. Essentially, it represents a pact with partners who support our trade security.
