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Economy 2020-05-15T06:06:12+03:00
Ukrainian news
Free Trade Area Agreement With Canada Takes Effect

Free Trade Area Agreement With Canada Takes Effect

Ukraine, Canada, Free Trade Agreement., FTA

The free trade area agreement between Ukraine and Canada has taken effect from August 1.

Canada will abolish duties on 98% of Ukrainian goods.

Ukraine cancels nearly 80% of imports duties on goods from Canada.

Some import duties will be canceled gradually within 3-7 years.

The free trade area agreement mutually opens the markets of public procurements and some provisions of the agreement protect electronic commerce and intellectual property.

In the view of the different levels of economic and social development in Ukraine and Canada, the two countries agreed to apply the principle of asymmetric tariff obligations, which will allow Ukraine to adapt its trade with Canada to free-trade conditions.

The free trade area agreement also contains a number of norms and obligations related to non-tariff measures that will ensure that access to markets will not be limited by unjustified barriers to trade.

In addition to increasing the volume of trade between the two countries, the agreement is expected to facilitate inflow of foreign investments into Ukraine and creation of jobs, which will have a positive effect on GDP growth in the country.

As Ukrainian News Agency earlier reported, on June 1, Canada ratified the free trade area agreement with Ukraine.

On April 3, President of Ukraine Petro Poroshenko signed the law on ratification of the free trade area agreement with Canada.

Canada signed the agreement on creation of a free trade area on July 1, 2016.

The agreement was signed on July 11, 2016 during Canadian Prime Minister Justin Trudeau's visit to Ukraine.

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