Today, on the 30th anniversary of diplomatic relations between Canada and Ukraine, the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, joined by Arif Virani, Parliamentary Secretary to the Minister of International Trade, Export Promotion, Small Business and Economic Development, and Yvan Baker, Chair of the Canada-Ukraine Parliamentary Friendship Group, met with Yulia Svyrydenko, Ukraine's First Deputy Prime Minister and Minister of Economy, where they committed to further strengthening bilateral relations through trade.
The ministers announced that Canada and Ukraine will proceed with negotiations on the modernization of the Canada-Ukraine Free Trade Agreement (CUFTA), with the first round of modernization negotiations to take place as soon as feasible.
A modernized CUFTA will further expand Canada and Ukraine's commercial ties, building on the over $300 million in bilateral trade between the two countries in 2020, and benefitting workers, businesses and consumers, including women and underrepresented communities in both countries. The modernization of CUFTA will also contribute to Ukraine's stability and broad-based economic development.
Minister Ng made clear that Canada will always be a reliable partner and ally for Ukraine and reaffirmed Canada's steadfast support for Ukraine' sovereignty and territorial integrity.
This strengthening of economic cooperation builds upon the up to $120 million loan that Canada offered to Ukraine on January 21, 2022. The loan will reinforce Ukraine's economy amid Russia's aggressive efforts to destabilize Ukraine's economic system.
