Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.
Minister Carr hosts Canada-Ukraine Free Trade Agreement Joint Commission meetingFriday, October 19, 2018 > 08:53:46
Canada and Ukraine are connected by deep and enduring people-to-people ties and growing commercial relations. The entry into force of the Canada-Ukraine Free Trade Agreement (CUFTA) in 2017 marked another milestone in a partnership that has been creating prosperity for citizens of both countries since Canada became the first Western country to recognize Ukraine’s independence in 1991.
Today, the Honourable Jim Carr, Minister of International Trade Diversification, will host the first meeting of the CUFTA Joint Commission in Ottawa with Stepan Kubiv, First Vice Prime Minister, Minister of Economic Development and Trade of Ukraine. At the meeting, Canadian and Ukrainian representatives will discuss progress on the implementation of the agreement to further increase trade opportunities in important sectors such as aerospace, agriculture and minerals.
The Ministers will also formally sign the rules of procedure for the Joint Commission, which will provide guidance for future meetings. Moving forward, these meetings will take stock of progress in the successful implementation of CUFTA, with an emphasis on limiting any trade irritants and reducing red tape. Canada is committed to supporting Ukraine as it becomes a more secure, stable and prosperous country.
“The Canada-Ukraine Free Trade Agreement will enhance economic prosperity and job creation for both countries. Canada is committed to working continuously with Ukraine to advance trade and investment opportunities for our respective businesses so they may better compete and succeed in global markets.”
– Jim Carr, Minister of International Trade Diversification
- Canada was the first Western country to recognize Ukrainian independence.
- CUFTA entered into force on August 1, 2017, immediately eliminating tariffs on 86% of Canada’s exports to Ukraine.
- Since 2015, Canada-Ukraine bilateral trade increased 37%, from $278 million to $381 million, due mainly to an increase in coal, fish and seafood, machinery parts and pet food exports from Canada to Ukraine.
- In 2017, Canada’s merchandise exports to Ukraine were valued at $268.2 million, and merchandise imports from Ukraine were worth $112.3 million.
- Canada’s top exports to Ukraine are mineral fuels and oils, and fish and seafood. Canada’s top imports from Ukraine include machinery, electric and electronic machinery.