The modernized Canada-Ukraine Free Trade Agreement officially entered into force on July 1st.
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.
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.
Links:
– Joint statement on the entry into force of the modernized Canada-Ukraine Free Trade Agreement
– Canada-Ukraine Free Trade Agreement modernization: Summary of negotiated outcomes
– Customs Notice 24-21 Implementation of the New Canada-Ukraine Free Trade Agreement
– Customs Notice 24-22 The New Canada-Ukraine Free Trade Agreement’s Regulatory Amendments and New Regulations Made Pursuant to the Customs Act