Ukraine and Canada have discussed signing the updated Free Trade Agreement. The Ministry of Economy of Ukraine thanked Canada for the temporary liberalisation of trade in goods. They cancelled all tariffs and quota requirements per a year. The formalities for signing the modernised Agreement are now being finalised.
According to the ITC Trade Map, despite the war, Ukrainian companies exported $1.55 million worth of aluminium, steel and plastic windows and doors to Canada. It is a 7.64% increase compared to 2021.
In April 2023, the Prime Ministers of Ukraine and Canada announced the completion of negotiations on the updated Free Trade Agreement. In early June, the Minister of International Trade, Export Promotion, Small Business and Economic Development of Canada announced that the formalities had been completed.
The new Agreement will allow the parties to trade everything that is not prohibited.
The Agreement includes guarantees for investors and an investment protection system.
The Digital Trade Agreement was included.
Temporary entry for business people has been regulated.
Canada will also facilitate Ukraine’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). It is a free trade agreement with countries in the Asia-Pacific: Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Canada will chair the organisation next year.