On April 11, 2023, during a working visit to Canada, Prime Minister of Ukraine Denys Shmyhal and Prime Minister of Canada Justin Trudeau signed a joint statement on the conclusion of negotiations to update the Canada-Ukraine Free Trade Agreement.
“The updated agreement is exceptional in its terms, as it will boost trade with Canada and create unique opportunities for Ukrainian businesses. By opening markets with Canada, we are moving towards the principle of ‘everything that is not forbidden is allowed’,” the Head of Ukrainian Government said.
In addition, according to Denys Shmyhal, Ukrainian businesses will now be able to export products to Canada tariff-free, even if the components of these products originate from the EU, EFTA, the UK, and Israel. This approach encourages foreign businesses to set up production in Ukraine.
“In the updated agreement, we are improving the section on digital trade. This opens up great opportunities for Ukraine, which is one of the leaders in the IT sector in Europe. This is the second digital trade agreement after the one with the UK,” said Denys Shmyhal.
The updated agreement between Ukraine and Canada includes sections on supporting small and medium-sized businesses, as well as strengthening the role of indigenous peoples in trade. For the first time, the trade agreement recognises the special place of Crimea, Crimean Tatars, Krymchaks, and Karaites.