OTTAWA, Oct. 17 (Xinhua) -- Canada's trade minister announced Tuesday that a business mission will be sent to Ukraine in 2024 for the country's economic rebuild.
Introducing modernized Canada-Ukraine Free Trade Agreement (CUFTA) legislation in the House of Commons, Minister of Export Promotion, International Trade and Economic Development Mary Ng said this mission will build on the foundations of the agreement to create connections between two countries' businesses and set Canadian businesses up to support the rebuild of Ukraine.
"The modernized CUFTA marks an important milestone in the Canada-Ukraine relationship, opening greater collaboration for our businesses and the ability to support Ukraine's economic rebuild while driving benefits for Canadians at home," said Ng.
On Sept. 22, Canadian Prime Minister Justin Trudeau and Ukraine's President Volodymyr Zelensky signed the modernized CUFTA in Ottawa which includes new chapters and provisions on trade in services, investment, temporary entry for business persons, telecommunications, digital trade, labor and the environment, among other areas.
According to Global Affairs Canada, the original CUFTA entered into force on Aug. 1, 2017, immediately eliminating tariffs on 86 percent of Canada's merchandise exports to Ukraine. In 2021, the value of total trade between the two countries reached its highest point ever at 447 million Canadian dollars (326 million U.S. dollars) and dropped to 422 million Canadian dollars (308 million U.S. dollars) in 2022.
