Modernized Canada-Ukraine Free Trade Agreement enters into force
News release
July 1, 2024 - Ottawa, Ontario - Global Affairs Canada
Today marks a new chapter in Canada and Ukraine’s relationship. The Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, welcomes the official entry into force of the modernized Canada-Ukraine Free Trade Agreement (CUFTA).
This is a significant milestone in the Canada-Ukraine bilateral relationship. The modernized CUFTA will enhance trade, increase economic cooperation and support Ukraine’s financial reform and efforts to rebuild. It also signals Canada’s unwavering commitment to Ukraine’s long-term security, stability and economic recovery following Russia’s full-scale invasion of the country.
The modernized CUFTA is a win-win for both countries. It maintains the preferential market access gained in the original 2017 CUFTA; it updates and adds new language in areas such as trade in services, investment, temporary entry for businesspeople, telecommunications, digital trade, labour and the environment; and it adds a dedicated chapter on trade and Indigenous Peoples, a first in each country’s history.
From the beginning of Russia’s invasion, Canada has led international support for the Ukrainian people. The modernized CUFTA is another example of Canada’s support for not only rules-based international trade and Ukraine’s efforts to rebuild, but also for the country’s long-term security, stability and recovery.
Quotes
“Canada’s support for Ukraine is critical at this time in history. Our modernized free trade agreement puts all the right elements in place so that when the war is over, Canadian businesses and exporters will be ready to help rebuild the Ukraine of tomorrow.”
- Mary Ng, Minister of Export Promotion, International Trade and Economic Development
Quick facts
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The original CUFTA entered into force on August 1, 2017.
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In early 2020, Canada undertook public consultations on the possible modernization of CUFTA and published a report on the findings in May 2020.
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·On January 27, 2022, Canada and Ukraine launched CUFTA modernization negotiations, which were held from June 2022 to April 2023.
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On September 22, 2023, Prime Minister Justin Trudeau and Ukraine’s President Volodymyr Zelenskyy signed the modernized agreement in Ottawa.
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On March 19, 2024, the implementing legislation for the modernized CUFTA received royal assent.
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Russia’s full-scale invasion on February 24, 2022, and the resulting war in Ukraine has had a negative effect on our overall bilateral trade and investment in 2022, leading to a 31% fall in Canada’s exports to Ukraine.
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Bilateral trade between Canada and Ukraine reached a peak of approximately $447 million in 2021, decreasing to $422 million in 2022 due to Russia’s illegal invasion of Ukraine in February 2022. In 2023, trade surged to $695 million, largely due to Canadian exports of various military equipment to Ukraine to aid in the war effort.
Related products
- Joint statement on the entry into force of the modernized Canada-Ukraine Free Trade Agreement
- Minister Ng visits Ukraine ahead of modernized trade agreement’s entry into force
- Minister Ng appoints Roman Dubczak to Business Advisory Council launched at Ukraine Recovery Conference
- Statement by Minister Ng on modernized Canada-Ukraine Free Trade Agreement
- Joint Declaration on Conclusion of Negotiations for the Modernization of the Free Trade Agreement between Canada and Ukraine
- Canada announces strengthening of trade relations with Ukraine
- Joint statemgotiations to modernize the Canada-Ukraine Free Trade Agreement
Associated links
Contacts
Huzaif Qaisar
Press Secretary
Office of the Minister of Export Promotion, International Trade and Economic Development
343-575-8816
Huzaif.Qaisar@international.gc.ca
Media Relations Office
Global Affairs Canada
media@international.gc.ca
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