Minister Ng visits Ukraine ahead of modernized trade agreement’s entry into force

From: Global Affairs Canada

News release

June 28, 2024 – Kyiv, Ukraine – Global Affairs Canada

Yesterday, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, concluded a 2-day visit to Ukraine, joined by a Canadian business delegation.

During her trip, the Minister met with Denys Shmyhal, Ukraine’s Prime Minister, and Yuliia Svyrydenko, Ukraine’s First Deputy Prime Minister and Minister of Economy, to gain a deeper understanding of the country’s current priorities and challenges. At a round table meeting, Minister Ng and the Canadian business delegation engaged with Ukrainian business leaders to discuss opportunities to support Ukraine in its reconstruction efforts.

Throughout her visit, the Minister reaffirmed Canada’s military, economic and political support in the fight against Russia’s illegal war of aggression. She expressed her concern about Russia’s targeting of critical energy infrastructure and saw first-hand the damage inflicted on a combined heat and power plant during a recent missile attack. Ukraine’s economic recovery needs will be significant, and the private sector’s involvement will be crucial to Ukraine’s successful reconstruction.

Minister Ng and Prime Minister Shmyhal both celebrated the upcoming entry into force of the modernized Canada-Ukraine Free Trade Agreement (CUFTA) on July 1, 2024. The modernized CUFTA will benefit the 2 countries by enhancing trade, increasing economic cooperation and supporting Ukraine’s financial reform and efforts to rebuild.

Quotes

“My visit to Ukraine has been eye-opening. I am deeply moved, having witnessed the devastating impact of the recent Russian missile attack on Ukraine's energy infrastructure. Being on the ground, meeting with leaders and seeing the resilience of the Ukrainian people have strengthened my resolve. Canada remains steadfast in its support for Ukraine as it continues to fight against Russia’s illegal war of aggression.”

- Mary Ng, Minister of Export Promotion, International Trade and Economic Development

Quick facts

  • The modernized CUFTA will officially enter into force on July 1, 2024.

  • The modernized agreement includes dedicated new chapters on trade in services, financial services, investment, temporary entry for business people, telecommunications and inclusive trade. It also includes updated chapters on labour, the environment, digital trade, and transparency and anti-corruption, among other areas.

  • The modernized CUFTA also includes a new dedicated chapter on Trade and Indigenous Peoples, a first in each country’s trade agreement history.

  • Bilateral trade between Canada and Ukraine reached a peak of approximately $447 million in 2021, decreasing to $422 million in 2022 due to Russia’s illegal invasion of Ukraine in February 2022 (a reduction of 31%).

  • In 2023, trade surged to $695 million, largely due to Canadian exports of various military equipment to Ukraine to aid in the war effort.

  • On June 16, 2024, Prime Minister Justin Trudeau announced a $52.4 million package of measures in support of Ukraine. This includes: $15 million to support vulnerable youth, displaced children, survivors of war crimes and sexual violence, and prisoners of war; $20 million to help replace Ukraine’s damaged energy equipment and infrastructure; $15.4 million to help improve the safety of Ukrainians and help Ukraine rebuild, including through economic reforms supported by the International Monetary Fund; and $2 million to uphold the safe and secure operations of nuclear facilities in Ukraine through the International Atomic Energy Agency.

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Contacts

Huzaif Qaisar
Press Secretary
Office of the Minister of Export Promotion, International Trade and Economic Development
343-575-8816
Huzaif.Qaisar@international.gc.ca

Media Relations Office
Global Affairs Canada
media@international.gc.ca
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