In Ukraine, the law on ratification of the agreement on the FTA with Canada

shaoran2012

April 5, 2017

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In the official newspaper “Voice of Ukraine” today, April 5, was published the law on ratification of the agreement on free trade area (FTA) between Ukraine and Canada. The relevant information is posted on the website of the Verkhovna Rada.

The agreement was signed on July 11, 2016 during his visit to Ukraine, the Prime Minister of Canada Justin Trudeau.

According to the document, the agreement will enter into force on the first day of the second month after receiving the last of the parties notification of the completion of the procedures necessary for its entry into force.

As reported in AP after the President signing this law, since the entry into force of the agreement Canada will open for Ukrainian exporters 98% of the market of goods which are the subject of bilateral trade . Given the different level of economic and social development of Ukraine and Canada, the parties will apply the principle of asymmetry of tariff commitments that will enable Ukraine to adapt the trade with this country under free trade.

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The document contains a number of norms and commitments concerning non-tariff measures that will help to ensure that market access will not be restricted by unjustified trade barriers.

As reported in the Cabinet, according to forecasts, the implementation of the agreement will lead to minor losses of state budget revenues, in particular from the abolition of import duties by approximately $ 1.2 million in the first year of the agreement. At the same time, it is expected that in the medium term shortfalls will be compensated for by VAT, and also increase the inflow of foreign direct investment.

As reported, the Verkhovna Rada of Ukraine 272 votes supported the ratification of law No. 0120 on the introduction of a free trade zone with Canada.

Ambassador of Ukraine to Canada Andriy Shevchenko predicted that the ratification of the Agreement on free trade zone between Ukraine and Canada could be closer to the end of spring 2017