Ukraine, Canada agree to expand bilateral free trade deal
Denys Shmyhal and Justin Trudeau in Toronto on April 11, 2023 (Photo:REUTERS/Carlos Osorio)
Canadian PM Justin Trudeau and his Ukrainian counterpart, Denys Shmyhal, have agreed to expand the existing Canada–Ukraine Free Trade Agreement (CUFTA), further liberalizing the flow of goods, services, and investments between the two countries, Shmyhal said in a Telegram post on April 11.
The modernized CUFTA will boost Ukraine-Canada trade and create “unique opportunities for Ukrainian business,” according to Shmyhal.
The PM outlined major improvements to the trade deal as follows:
· Implementing the most modern liberalization regime for service and investment markets, based on “Everything which is not forbidden is allowed” principle;
· Revamping digital goods trade rules concerning the free flow of information, no restrictions on server location, open-source software, and free access to the internet;
· Ukrainian companies will be able to export good to Canada tariff-free, even if some of their components are sourced from EU countries, the UK, Israel, or the European Free Trade Association countries.
“To strengthen our trade ties and help support Ukraine’s economic recovery, Prime Minister Trudeau and Prime Minister Shmyhal signed a joint declaration on the conclusion of negotiations for the modernization of the Canada-Ukraine Free Trade Agreement (CUFTA), and underscored the need to complete the processes to implement it as quickly as possible,” Trudeau’s office said in a press release.
“A modernized CUFTA supports long-term security, stability, and economic development in Ukraine, as well as the creation of good middle-class jobs here in Canada.”
Earlier on April 11, Trudeau and Shmyhal announced that Canada will provide Ukraine with further security assistance, focused largely on small arms and ammunition.
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