5 facts about agreement on Ukraine-Canada free trade area
Natalia Mykolska, Ukraine’s deputy minister of trade and economic development reveals some peculiarities of the document
The Ukrainian official shared several details about the document, its advantages for the Ukrainian economy and some facts about thge current state of Ukraine-Canada trade relations.
1) Canada’s large market and high level of consumption creates prospects for growing exports and developing economic cooperation between the countries. In 2015, Canada imported goods from across the world at the sum of almost USD 548 billion. Ukraine’s share is very small; that is, there’s much place for growth.
2) Ukraine mostly exports to Canada the following goods: base metals, spare parts for vehicle stock, cars and equipment, tanning extracts, toys and wood.
3) For the first quarter of 2016, the share of exports of spare parts for vehicle stock to Canada grew by 3.5 million U.S. dollars.
4) Ukraine’s share of exports of value-added products to Canada makes about 30 percent.
5) Global chains of value-added tax: this agreement is the first such document for Ukraine to cover such a large market in the North American region and the respective continent.
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