The Ministry of Economy gave details about the updated free trade agreement between Ukraine and Canada

The Ministry of Economy gave details about the updated free trade agreement between Ukraine and Canada

The new free trade agreement between Ukraine and Canada should expand the involvement of domestic business in international supply chains.

About this informs press service of the Ministry of Economy.

It is noted that the new agreement brings significant changes to the trade regime between Ukraine and Canada. As part of the signed document, Ukraine and Canada concluded an agreement on digital trade, which became the second for our country after the corresponding Agreement with Great Britain.

“This agreement translates the trade relations of the two countries into a new dimension, because when preparing the document, we applied a new liberal method in the field of services – everything that is not prohibited is allowed. That is, the Agreement does not regulate what is allowed, but on the contrary – it carefully prescribes exceptions to the complete freedom of provision services”, – explains First Deputy Prime Minister – Minister of Economy Yuliya Svyridenko.

According to Svyridenko, the section dealing with trade in goods contains new rules of origin that allow the use of parts or ingredients from the EU, Britain, Israel for goods exported to Canada duty-free. This will expand the involvement of Ukrainian manufacturers in global supply chains.

In addition, the agreement contains a modern section on digital trade between Ukraine and Canada, based on the principles of free and open development of the digital ecosystem of the economy. In particular, the digital component of the agreement guarantees freedom of cross-border transfer of information, freedom to choose the location of equipment, freedom of source code, as well as open access to the Internet.

The ministry adds that the concluded agreement should be a step towards active preparation for the future economic development of the de-occupied Crimea and the role of the Crimean Tatars in this. After all, it is about strengthening the role of indigenous peoples in the economy and international trade.

Economic truth.

Source link