Canada’s Senate Advances Updated Trade Agreement with Ukraine
The Canadian Senate’s relevant committee has successfully passed a bill ratifying the updated Free Trade Agreement (FTA) between Canada and Ukraine without any amendments. The bill is set to be presented for final approval to the full Senate during its upcoming plenary session. Following Senate approval, the document will require the signature of the Governor General to come into effect.
Enhanced Free Trade Framework
The original Free Trade Agreement between Canada and Ukraine took effect in August 2017, facilitating the mutual elimination or reduction of import duties on a majority of goods. During a visit to Ottawa last September, Ukrainian President Volodymyr Zelensky and Canadian Prime Minister Justin Trudeau signed the updated agreement. This revised framework expands beyond goods to include services, trade in investments, telecommunications, and other promising sectors.
Security and Aid Agreement
In early February, the House of Commons in Canada ratified the updated trade agreement with Ukraine. Additionally, it is noteworthy that Ukraine recently signed a security agreement with Canada. This document outlines Canada’s commitment to provide over 3 billion Canadian dollars in macro-financial and defense assistance to Ukraine in the upcoming year.
The ratification of these agreements highlights the deepening of economic and security ties between Canada and Ukraine, reinforcing their collaborative efforts in various sectors during a critical period.
