Ukraine to finish ratifying free trade zone agreement with Canada

The Ukraine-Canada treaty will enter into power 30 days after ratification in Ottawa

The Ukrainian president Petro Poroshenko filed a draft bill on ratifying the agreement on Ukraine-Canada free trade zone, the UNIAN agency reports.

The bill war referred as urgent for approving at the Verkhovna Rada.

The mentioned treaty provides Ukrainian businesses a customs-free access to the Canadian market, the president’s press service notes.

“The document will reveal new opportunities for the Ukrainian entrepreneurs, which includes both expanding the market outlets and developing and modernisation of the production aimed to increase competitiveness in the new markets and also to create new jobs.” the service says.

With the act signed, Ukraine has ended the process of ratification of the deal with Canada. It will enter into force 30 days after the Canadian part finishes the process the same way.

The Ukraine-Canada free trade zone agreement was signed in Kyiv on July 11. According to the deal, Canada and Ukraine liberalise their custom policies upon each other in a mutually comfortable way, simultaneously protecting their sensible industries.

Just after the agreement enters into force, Ottawa will open 98% of its market for Ukraine, and Ukraine will steadily cancel 80% of the customs tariffs for the Canadian exports. Other fees would be abolished in the next 3, 5 and 7 years.