Photo from UNIAN
Ukraine is planning in the coming weeks to ratify the agreement on a free trade zone with Canada, signed in July 2016 and allowing for the increase in the volume of mutual trade tenfold, that’s according to First Deputy Prime Minister of Ukraine Stepan Kubiv, who held a press conference Monday.
"We expect in the coming weeks another session of the Verkhovna Rada and the ratification of the free trade agreement with Canada," said Kubiv.
Earlier, Ukraine’s Trade Envoy Natalia Mykolska noted that the economic effect of the implementation of the FTA agreement with Canada could reach $200-300 million over the next five years, which is 10 times more than the current level of trade between the two nations.
Read alsoCanadian defense minister 'looking at all options' for improving support to UkraineAs the agreement enters into force, 98% of the existing duties and fees shall be abolished. At the moment, the text of the deal focuses on commodity exports and imports, but in two years the parties will be able to revise the terms of trade and add to the list the services and investment protection mechanisms.
In addition, immediately after the deal’s ratification and entry into force, Ukrainian producers will be able to export to Canada all manufactured products, other than passenger cars, which fall under the special conditions of liberalization, as well as a wide range of agricultural products, except for meat, poultry, dairy products, eggs, cheese and sugars, which are also limited to tariff quotas.
Read alsoCanada's Ambassador: No arms to Ukraine at the momentUNIAN memo. The FTA agreement with Canada was signed off in July 2016 during the Kyiv visit of Prime Minister of Canada Justin Trudeau.