President Petro Poroshenko signed Law of Ukraine “On Ratification of the Free Trade Area Agreement between Ukraine and Canada” approved by the Verkhovna Rada of Ukraine on March 14, 2017.
The Agreement was signed on July 11, 2016 in the course of the visit to Ukraine of Prime Minister of Canada Justin Trudeau.
From the moment of entry into force of the Agreement, Canada will open 98% of its market for Ukrainian goods that are the subject of bilateral trade. Given the different levels of economic and social development of Ukraine and Canada, the parties will apply the principle of asymmetric tariff commitments that will allow our country to adapt the trade with this country to the free trade conditions. The document contains a series of rules and obligations related to non-tariff measures that will help ensure that the access to the markets will not be restricted by unjustified barriers in trade.
The Agreement is expected to increase the trade turnover between the states, facilitate the increase of foreign investment in Ukraine and create new jobs that in turn will positively affect the GDP growth of the state.
The Agreement will enter into force on the first day of the second month after the last Party receives notice of completion of procedures necessary for its entry into force.