14:57 18.01.2018

Poroshenko notes significant trade growth between Ukraine, Canada

Poroshenko notes significant trade growth between Ukraine, Canada

Trade between Ukraine and Canada has grown by 60% following the entry into force of the free trade agreement between the two countries, Ukrainian President Petro Poroshenko has said.

"There were many achievements in our relations with Canada. The free trade agreement that significantly accelerates and creates better conditions for the development of trade in investments has come into force. We already have a concrete result, because our bilateral trade has increased by 60%," Poroshenko said in a press statement after a meeting with Governor General of Canada Julie Payette in Lviv on Thursday.

He noted that Ukraine cooperates with Canada in various fields and that Canadian partners are ready to share their experience.

"We are ready to cooperate very effectively in all spheres," Poroshenko said.

According to him, Canada also actively cooperates with Ukraine in the development of rural medicine.

As reported, the free trade agreement between Canada and Ukraine was signed in Kyiv on July 11, 2016. Ukraine's Verkhovna Rada ratified the deal on March 14, 2017. Ukrainian President Petro Poroshenko signed the law on ratification on April 3, 2017. On June 1, 2017, the agreement was signed by the governor general of Canada, after it was previously approved by the House of Commons and the Senate.

The agreement entered into force on August 1, 2017. According to the Ukrainian embassy, the agreement cancels 98% of tariffs for Ukrainian exports to Canada and 72% of tariffs from Canada to Ukraine. Over the next seven years the duty-free exports will increase to 98%. Moreover, markets for state purchases are also included. Parts of the agreement safeguard electronic commerce and intellectual property rights.

On December 22, 2017, Ukrainian Foreign Minister Pavlo Klimkin said that Ukraine's exports to Canada in 2017 grew by 76% and imports from Canada rose by 93%.

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