On 19 March 2024, Bill C-57 An Act to implement the 2023 Free Trade Agreement between Canada and Ukraine the New CUFTA received royal assent, introducing a modernized version of the Canada-Ukraine Free Trade Agreement. Negotiated against the backdrop of the ongoing Russian invasion of Ukraine, the New CUFTA aims to strengthen economic relations between Canada and Ukraine and create opportunities for economic development by further reducing barriers to reciprocal trade in goods and services. The updated Agreement will come into force on the first day of the second month after both parties have completed the necessary procedures to ratify, which will likely occur in 2024.
Attending the Rebuild Ukraine Business Conference in Toronto last week was an enriching experience. The conference aimed to foster collaboration, investment, and trade ties between Canadian and Ukrainian businesses by bringing together policymakers, industry experts, businesspeople and representatives of non-profit agencies.