Ukraine to finish ratifying free trade zone agreement with Canada

The Ukraine-Canada treaty will enter into power 30 days after ratification in Ottawa

The Ukrainian president Petro Poroshenko filed a draft bill on ratifying the agreement on Ukraine-Canada free trade zone, the UNIAN agency reports.

The bill war referred as urgent for approving at the Verkhovna Rada.

The mentioned treaty provides Ukrainian businesses a customs-free access to the Canadian market, the president’s press service notes.

“The document will reveal new opportunities for the Ukrainian entrepreneurs, which includes both expanding the market outlets and developing and modernisation of the production aimed to increase competitiveness in the new markets and also to create new jobs.” the service says.

With the act signed, Ukraine has ended the process of ratification of the deal with Canada. It will enter into force 30 days after the Canadian part finishes the process the same way.

The Ukraine-Canada free trade zone agreement was signed in Kyiv on July 11. According to the deal, Canada and Ukraine liberalise their custom policies upon each other in a mutually comfortable way, simultaneously protecting their sensible industries.

Just after the agreement enters into force, Ottawa will open 98% of its market for Ukraine, and Ukraine will steadily cancel 80% of the customs tariffs for the Canadian exports. Other fees would be abolished in the next 3, 5 and 7 years.

UATODAY.TV

President submitted draft Law on ratification of FTA between Ukraine and Canada for consideration by Verkhovna Rada

Under article 93 of the Constitution of Ukraine and article 9 of the Law of Ukraine on the International Treaties of Ukraine, President Petro Poroshenko submitted the draft Law on the Ratification of the Free Trade Area Agreement between Ukraine and Canada for consideration by the Parliament as an immediate one.

The Law ratifies the Agreement concluded between the two states in July 2016.

The implementation of the provisions of the document will promote the development of bilateral trade and economic cooperation, allow producers of goods to use benefits from duty-free access to the market of Canada, open opportunities for the Ukrainian business to expand their markets and modernize production in order to increase competitiveness on the new market. The Agreement will also facilitate the creation of new jobs in Ukraine.

International Trade Minister Introduces Legislation in Parliament to Implement CUFTA

November 3, 2016 – OTTAWA, ON – Global Affairs Canada

The Honourable Chrystia Freeland, Minister of International Trade, today introduced legislation in the House of Commons to implement CUFTA. The legislation will be subject to all required stages of the legislative process. Canada is committed to the timely ratification of CUFTA so Canadians and Ukrainians alike can take advantage of its benefits as soon as possible. When implemented, the Canada-Ukraine Free Trade Agreement will generate opportunities for Canadians and Ukrainians, create new job opportunities, and help to grow the middle class and those working hard to join it.

When CUFTA enters into force, Canada will immediately eliminate duties on 99.9 percent of imports from Ukraine. Similarly, Ukraine will eliminate tariffs on approximately 86 percent of Canadian exports, with the balance of tariff concessions to be implemented over a period of up to seven years. CUFTA will thus eliminate essentially all tariffs on goods currently traded between Canada and Ukraine.

Canada is deeply committed to working with the people of Ukraine to help implement important economic and democratic reforms and to strengthen business ties between the two countries.