Minister Ng discusses economic recovery through modernized free trade agreement at Rebuild Ukraine Business Conference
Global Affairs Canada
News release
November 21, 2023 - Ottawa, Ontario - Global Affairs Canada
Canada's support for Ukraine is unwavering. The Government of Canada is committed to the people of Ukraine and the country's economic recovery and reconstruction in the face of Russia's military aggression, which has displaced millions and killed thousands of Ukrainians, disrupted the worldwide economy and worsened global problems such as food and energy security.
Today, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, reaffirmed Canada's ongoing support of Ukraine as she joined Taras Kachka, Deputy Minister of Economy of Ukraine and Trade Representative of Ukraine, in a discussion at the 2023 Rebuild Ukraine Business Conference in Toronto. The conference brought together policymakers, industry experts, businesspeople and representatives of non-profit agencies to discuss opportunities for Canadian and Ukrainian businesses to enhance collaboration and grow their trade ties, and thereby contribute to rebuilding Ukraine.
During her meeting with Yulia Svyrydenko, Ukraine's First Deputy Prime Minister and Minister of Economy, Minister Ng highlighted how the modernized Canada-Ukraine Free Trade Agreement (CUFTA) will offer a comprehensive framework for supporting bilateral trade with and investment in Ukraine. The agreement will underpin Canada-Ukraine commercial ties during Ukraine's reconstruction and beyond and better position entrepreneurs and enterprises to do business together—whether exporting goods or services, making investments or creating other commercial partnerships.
New and updated chapters in the modernized agreement include commitments on services, investment, temporary entry for businesspersons, digital trade, inclusive trade, labour and environment.
Quotes
"We will support Ukraine in its fight for freedom and democracy—for as long as it takes. When Ukraine prevails, Canada and Canadian businesses of all sizes will be there to support its rebuilding. The modernization of CUFTA reaffirms our commitment to our Ukrainian friends and supports long-term stability, security and economic recovery in Ukraine. It will provide our Canadian businesses with the best possible access to Ukraine's markets to do so."
- Mary Ng, Minister of Export Promotion, International Trade and Economic Development
Quick facts
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In early 2024, Minister Ng will lead a Canadian business delegation to Ukraine to help facilitate trade and investment opportunities.
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In 2021, total bilateral trade between Canada and Ukraine reached its highest point ever at $447 million ($220 million in exports and $227 million in imports). This figure dropped to $422 million in 2022 ($150 million in exports and $272 million in imports), largely due to the effects of Russia's illegal invasion and aggression.
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The original CUFTA entered into force on August 1, 2017, and immediately eliminated tariffs on 86% of Canada's merchandise exports to Ukraine. The remaining tariffs will be eliminated on January 1, 2024.
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On September 22, 2023, Prime Minister Justin Trudeau and Ukraine's President Volodymyr Zelenskyy signed the modernized CUFTA in Ottawa.
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Bill C-57 will enact and amend legislation to implement the modernized CUFTA in Canada's domestic law. Once the bill receives Royal Assent, the Government of Canada will complete the necessary steps to bring the modernized agreement into force.
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Since Russia's full-scale invasion of Ukraine in February 2022, Canada has provided more than $9.7 billion in multifaceted support.
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