Ukraine and Canada will hold talks this year on extending the effect of the free trade agreement to the sphere of services and investment, Ukraine’s Ambassador to Canada Andriy Shevchenko has said in an interview with Ukrinform.
“The text of the free trade agreement between Ukraine and Canada stipulates that two years after its entry into force, we will review it and see how it can be changed or extended. We already have a political arrangement that the agreement will be extended to the sphere of investment and services,” Shevchenko said.
According to him, this is first and foremost good news for Ukrainian IT experts and “also for all other representatives of the Ukrainian tertiary sector, since in that case they will be able to work in the best possible conditions with Canada.” “The agreement will turn two years in August 2019, and we have every chance of expanding the sphere of its effect this year,” the ambassador said.
In the first three quarters of 2018, exports of Ukrainian goods to Canada increased by 48.5%.
“The free trade agreement between Canada and Ukraine has already met our expectations and continues to justify them. The exports of Ukrainian goods to Canada grew by 48.5% for nine months of last year,” Shevchenko said.
According to him, some unexpected sectors showed growth. “It is very pleasant to note growth in the sectors, where we could not predict it. For example, last year Ukraine became one of the main sellers of apple juice in Canada. This is a highly competitive market, where Ukrainians have found a niche for themselves,” the ambassador said.
He urged Ukrainian entrepreneurs to continue to look for ways to enter the Canadian market. “I deliberately cite this example to encourage Ukrainians to look for new growth areas, because the free trade agreement removed the absolute majority of administrative barriers and removed tariffs, greatly simplifying the process of trade between the states,” the ambassador summed up.
As known, the Ukraine-Canada Free Trade Agreement entered into force on August 1, 2018. The agreement cancels 98% of tariffs for Ukrainian exports to Canada and 72% of tariffs from Canada to Ukraine. Over the next seven years the latter will increase to 98%. The agreement also mutually opens up public procurement markets. Certain sections of the document protect electronic commerce and intellectual property.