Canada ratifies updated FTA deal with Ukraine

Governor-General of Canada, Mary Simon has signed the ratification bill, effectively putting it into force less than an hour after it passed the third reading in Canadian Parliament, according to an Ukrinform correspondent.

In order for the entrepreneurs of both countries to take advantage of the agreement, it is yet to be ratified in Ukraine.

The original FTA deal between Canada and Ukraine came into force on the first of August 2017, allowing the two governments to mutually cancel or reduce import duties on most commodities. Last September, during a visit to Ottawa, President Volodymyr Zelensky of Ukraine signed with Prime Minister Justin Trudeau of Canada an updated agreement, which now also covers trade in services, not just goods, as well as investments, telecommunications, and other promising areas.

It should be added that in, 2021 the turnover between Canada and Ukraine reached a record level, approaching $350 million. Last year, it decreased slightly due to the factors mainly related to the Russian invasion.

According to Ukrinform, Canada will allocate almost $170 million for several reconstruction and development programs in Ukraine.