Canada and Ukraine have agreed on a free trade deal which has already facilitated a number of business transactions.
Chrystia Freeland, Minister of International Trade, participated in a ceremony that highlighted new agreements between Canadian and Ukrainian companies and organisations.
On the same day of the signing of the Canada-Ukraine Free Trade Agreement (CUFTA), the Minister witnessed the signing of three strategic partnerships between Canada and Ukraine. The agreements are proof of the ever-growing commercial ties between Canada and Ukraine, and highlight the great potential of CUFTA.
Canadian multinational firm Bombardier signed a memorandum of understanding with Ukrainian Railways toward manufacturing locomotives in the western region of Ukraine. This will help revive the transportation and manufacturing industry there.
Borsch Ventures is partnering with the International Finance Corporation to create “eFarmer 360°,” a tool that helps agricultural small and medium-sized enterprises grow by attracting investment.
Canadore College of North Bay, Ontario, and Ukraine’s National Aviation University signed a memorandum of understanding allowing the exchange of services, and partnering in research and curriculum development.
These signings follow the successful Canada-Ukraine Business Forum that was hosted on June 20 by Global Affairs Canada and Ukraine’s Ministry of Economic Development and Trade, and attended by the Prime Minister and the Minister.
The Minister is accompanying the Prime Minister on an official visit to Ukraine. The Minister’s presence is part of Canada’s ongoing efforts to partner with businesses, increase trade and attract job-creating investment.
Freeland said: “Our government is committed to exploring ways in which we can expand our commercial relations and progressive trade agenda with Ukraine. The Canada-Ukraine Free Trade Agreement signed today will increase trade opportunities for Canadian and Ukrainian companies to help them create more good-paying middle-class jobs in both countries. Companies are playing their part in developing important linkages in the areas of technology and innovation. I am pleased to see first-hand how these companies are working together to strengthen our people-to-people and commercial ties.”
Read the July 2016 issue of Business Review USA & Canada magazine