On September 22, 2023 Canada-Ukraine Chamber of Commerce President Zenon Potichny and Vice-President Markiyan Markevych attended signing of modernization of Canada-Ukraine Free trade Agreement by President of Ukraine Volodymyr Zelenskyy and Prime Minister of Canada Justin Trudeau.
The new trade agreement will replace the existing CUFTA agreement, which has been in force since 2017. Here are some of the highlights of the modernized CUFTA agreement:
- Application of a new liberal method in the service sector – everything that is not forbidden is allowed
- The protection of business interests has been strengthened through the use of a modern set of legal instruments for investment protection
- Added section on digital trade between Ukraine and Canada, based on the principles of free and open development of the digital ecosystem of the economy
- Goods made from parts manufactured in EU, Britain, Israel can now be exported from Ukraine to Canada free of duty
- Expanded and simplified conditions for the temporary entry of Ukrainian business travelers to Canada for the purpose of providing services
The text of the document is based on the standards of the Free Trade Agreement between Canada, the United States and Mexico (NAFTA) and the Trans-Pacific Partnership Agreement, which Ukraine is preparing to join.