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Nation    

Canada and Ukraine sign free-trade deal
Journal Staff Report

KIEV, July 11 – Canada and Ukraine on Monday signed a free trade agreement during the first visit by Canadian Prime Minister Justin Trudeau to Ukraine.

President Petro Poroshenko said the deal will do away with "99 percent of barriers within the next seven years in trade” between the two countries.

The deal is part of what Canada says is its continued commitment to supporting Ukraine’s efforts to build a stable, democratic and prosperous country.

Canada is home to a sizable Ukrainian minority and has been a key backer for Ukraine during the two-year separatist war in the east.

“The Canada-Ukraine Free Trade Agreement represents a significant milestone in the relationship between Canada and Ukraine,” Trudeau said. “It will bolster our economies, spur innovation, and lead to long term benefits for the middle class and those working hard to join it.”

For Canada, the deal was signed by International Trade Minister Chrystia Freeland, who has Ukrainian ancestry.

“Canada and Ukraine know that trade is essential to jobs and growth,” Freeland said. “By improving market access and creating more predictable conditions for trade, the Canada-Ukraine Free Trade Agreement will generate new opportunities for Canadians and Ukrainians alike.”

The deal will now have to be ratified by the Canadian and Ukrainian legislatures to come into effect.

Trudeau reiterated Canada's support for the Kiev government's fight against Russia-backed separatists in eastern Ukraine but stopped short of pledging weapons supplies that Poroshenko is anxious to get from the West.

Asked about the possibility of Canadian lethal aid to Ukraine, Trudeau said "right now the focus is on the training mission” that Canada is involved in helping the Ukrainian army.

But he added that his government will continue to monitor the situation to assess what would be the best way to support Ukraine's fight against the separatists.

In 2015, Canada and Ukraine announced the conclusion of the Canada-Ukraine Free Trade Agreement (CUFTA) negotiations.

In 2015, bilateral trade between Canada and Ukraine increased by 13.9% over 2014, totaling almost $278 million.

Canada’s exports to Ukraine totaled over $210 million in 2015. Examples of products imported by Ukraine include pharmaceuticals, fish and seafood, and coking coal.

Canada’s merchandise imports from Ukraine totaled more than $67 million in 2015. Major imports included fertilizers, iron and steel, and anthracite coal. (nr/ap/ez)




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