The modernized Canada-Ukraine Free Trade Agreement (CUFTA) marks a new era in Canada and Ukraine's economic relationship and will be fundamental to the participation of Canadian businesses in Ukraine's economic reconstruction and recovery from Russia's illegal and unjustified invasion.
Today, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, tabled the text of the modernized CUFTA in the House of Commons. Minister Ng concurrently also introduced Bill C-57, which, if adopted by Parliament, will implement the modernized Agreement in Canadian law.
The modernized CUFTA includes dedicated new chapters and provisions on trade in services (including financial), investment, temporary entry for business persons, telecommunications, digital trade, labour and the environment, among other areas. New chapters on inclusive trade have also been added to ensure that the benefits of CUFTA are more widely shared, including in the areas of:
- small and medium-sized enterprises;
- trade and gender, and
- the first-ever trade and Indigenous Peoples chapter that Canada or Ukraine has ever included in a concluded free trade agreement.
When in force, the modernized CUFTA will not only continue to provide preferential market access for merchandise trade, it will also establish ambitious new market-access terms for services trade and investment.
Today Minister Ng also announced that she will bring a business mission to Ukraine in 2024. This mission will build on the foundations of the modernized CUFTA to create connections between our businesses and set Canadian businesses up to support the rebuild of Ukraine.
