Ukraine and Canada agreed on an updated Free Trade Agreement
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Ukraine and Canada announced the completion of negotiations on the conclusion of an updated Free Trade Agreement between the two countries – this document will replace the existing agreement that has been in effect since 2017.
The heads of government of the two countries announced the completion of the negotiations during the visit of Denis Shmyhal to Canada, writes “Evropeyska Pravda” with reference to the press service of the Ministry of Economy.
The main differences of the new agreement will be that, in addition to canceling tariffs, Ukraine and Canada will expand opportunities for enterprises that have not only Ukrainian, but also foreign components in their products.
“Tariffs will also be canceled on those Ukrainian goods that have components originating from the EU, the European Free Trade Association, Great Britain and Israel.
This should encourage the creation of production chains, make the location of production in Ukraine more attractive for foreign investors who plan to supply their goods to the Canadian market,” explained First Deputy Prime Minister, Minister of Economy of Ukraine Yulia Svyridenko
An important element of the agreement will be that the new agreement will allow the parties everything that is not prohibited.
“The agreement does not regulate what is allowed, on the contrary, it carefully prescribes exceptions to the complete freedom to provide services. And we do it so that all regulation is as transparent, clear and predictable as possible,” Svyridenko noted.
Guarantees for investors were prescribed separately, as well as a system of investment protection, which is based on the most modern legal instruments.
One of the chapters includes the Digital Trade Agreement, which outlines all the fundamental freedoms in this area. This is the second agreement on digital trade that Ukraine has already signed. The first was concluded with Great Britain in January of this year.
Such digital agreements are primarily aimed at preventing the appearance of barriers in the future and should reduce obstacles for Ukrainian businesses to participate in global digital trade.
In addition, the new agreement regulates financial services, temporary entry for business persons, telecommunications, trade and gender, trade and small and medium-sized enterprises, as well as trade and indigenous peoples issues.
The new agreement will also include updated chapters on rules and procedures of origin, competition policy, monopolies and state-owned enterprises, public procurement, environment, labor, development and administration of measures and transparency, anti-corruption and responsible business conduct.
The free trade agreement between Ukraine and Canada should help Ukraine conclude similar agreements with other countries.
Negotiations on the modernization of the existing agreement Ukraine and Canada started in January 2022.
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