Canada, Ukraine Will Modernize FTA Deal To Boost Trade - Ottawa

Canada and Ukraine agreed on Thursday to strengthen bilateral ties by revamping the existing free trade agreement with the first round of negotiations scheduled to take place soon, Global Affairs Canada said in a press release

WASHINGTON (UrduPoint News / Sputnik - 27th January, 2022) Canada and Ukraine agreed on Thursday to strengthen bilateral ties by revamping the existing free trade agreement with the first round of negotiations scheduled to take place soon, Global Affairs Canada said in a press release.

"The (trade) ministers (of the two countries) announced that Canada and Ukraine will proceed with negotiations on the modernization of the Canada-Ukraine Free Trade Agreement (CUFTA), with the first round of modernization negotiations to take place as soon as feasible," the press release said.

Senior Canadian officials met with with Yulia Svyrydenko, Ukraine's first deputy prime minister and minister of economic development and trade, earlier in the day to mark the 30th anniversary of diplomatic relations, the release added.

The modernized CUFTA is expected to broaden commercial ties between the two countries and contribute to the overall stability in Ukraine, the release said.

Canada-Ukraine bilateral trade in 2020 totaled over $300 million, according to the release.

Last week, Canadian Prime Minister Justin Trudeau said that Ottawa will offer a loan of up to $96 million to the government of Ukraine to help support the country's economy. Trudeau noted that the Canadian government is exploring other options to provide additional financial and other support to Ukraine.