Canada and Ukraine have announced that they have concluded their negotiations, ongoing since 2010, for a Free Trade Agreement.

The Canada-Ukraine Free Trade Agreement (CUFTA) announced by Prime Minister Stephen Harper and Ukrainian Prime Minister Arseniy Yatsenyuk on July 14, 2015, represents an important milestone in the Canada–Ukraine bilateral relationship. It should generate significant commercial benefits for Canada while supporting the reform and development efforts of the Government of Ukraine.

Ukraine is a promising emerging market for Canadian exporters, with opportunities in agriculture and processed food (including fish and seafood products), and industrial goods, such as cosmetics, industrial machinery, iron and steel, and plastics. The CUFTA will enable Canadian companies to take greater advantage of these opportunities by ensuring new market access and more predictable conditions.

Upon entry into force of the CUFTA, Ukraine will immediately eliminate tariffs on 86 percent of Canada's current exports, with the balance to be phased out or subject to tariff reductions over periods of up to seven years. Meanwhile, Canada will immediately eliminate tariffs on 99.9 percent of current imports from Ukraine.

Source: Tax News

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