The President of Ukraine Petro Poroshenko has signed the Law of Ukraine “On ratification of the Agreement on free trade between Ukraine and Canada,” adopted by the Verkhovna Rada of Ukraine of March 14, 2017. About it reports a press-service of the President.
As you know, the agreement was signed on July 11, 2016 during his visit to Ukraine, the Prime Minister of Canada Justin Trudeau, then after passing several stages of ratification in the parliaments of the two countries.
“The agreement will enter into force on the first day of the second month after receiving the last of the Parties reports on the completion of the procedures necessary for its entry into force”, – noted in a press-service of the President of Ukraine.
Since the entry into force of a bilateral free trade agreement, Canada will open for Ukrainian exporters 98% of their market products.
“Considering different level of economic and social development of Ukraine and Canada, the parties will apply the principle of asymmetric tariff obligations”, – the press service of the Ukrainian President, adding that these measures will help Ukraine to adapt to the conditions of free trade with Canada.
Reportedly, the document contains a number of rules and obligations of the two parties on measures which do not relate to trade tax. These measures, according to the press service, intended to prevent “unnecessary barriers” to trade between Ukraine and Canada.
It is expected that the agreement, in addition to increasing trade between the States, will facilitate the inflow of foreign investment in Ukraine and create new jobs, which in turn will positively affect the GDP growth of Ukraine.
As reported, on March 14 , the Verkhovna Rada of Ukraine ratified the agreement on free trade between Ukraine and Canada.
Recall, Ukraine and Canada signed the agreement on free trade of 11 July 2016. According to the President of Ukraine Petro Poroshenko, the agreement on the FTA with Canada will be implemented into the 7 years.
As previously sayula Deputy Minister of economic development and trade – trade representative of Ukraine Nataliya Mykolska, Ukraine intends in the next five years to increase exports to Canada 10 times.