Today marks a new chapter in Canada and Ukraine's relationship. The Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, welcomes the official entry into force of the modernized Canada-Ukraine Free Trade Agreement (CUFTA).
This is a significant milestone in the Canada-Ukraine bilateral relationship. The modernized CUFTA will enhance trade, increase economic cooperation and support Ukraine's financial reform and efforts to rebuild. It also signals Canada's unwavering commitment to Ukraine's long-term security, stability and economic recovery following Russia's full-scale invasion of the country.
The modernized CUFTA is a win-win for both countries. 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; and it adds a dedicated chapter on trade and Indigenous Peoples, a first in each country's history.
From the beginning of Russia's invasion, Canada has led international support for the Ukrainian people. The modernized CUFTA is another example of Canada's support for not only rules-based international trade and Ukraine's efforts to rebuild, but also for the country's long-term security, stability and recovery.
