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Verkhovna Rada ratifies Ukraine-Canada FTA
14:57, 14 March 2017
Verkhovna Rada ratifies Ukraine-Canada FTA

272 MPs voted for the decision

14:57, 14 March 2017

The Verkhovna Rada

Verkhovna Rada of Ukraine voted for ratification of the Free Trade Agreement with Canada today at the plenary session. It was broadcasted by 112 Ukraine TV channel.

 “The Free Trade Agreement between Ukraine and Canada is the first document after the Association Agreement with the EU that covers the market of a big volume, for Canada is one of the world's biggest industrialized democracies,” Stepan Kubiv, First Vice Prime Minister of Ukraine, said during the discussion.

Related: Russia threatens retaliation if Donbas trade embargo continues

According to the estimates, the implementation of the agreement shall lead to trivial losses for the state budget, specifically 1.2 million dollars a year due to the import duty cancellation. At the same time the shortfall is expected to be compensated at the expense of the VAT and the inflow increase of foreign direct investment in midterm perspective.

Related: Ukraine lost billion dollars due to Russia’s trade aggression

Anna Hopko, the head of the parliamentary committee on foreign affairs, expressed hope that the agreements of such a kind will be signed with other countries as well.

“I am having high hopes that a huge push for the trade bust will happen after the final ratification with Canada. We are also waiting for further free trade agreements with Israel and other countries from Ukrainian government, to diversify Ukrainian export despite the complicated situation with the aggressor-state,” said Hopko.

Related: Canada extends its military training mission in Ukraine

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