Trade and economic relations between Ukraine and Canada
Trade and Economic Relations between Ukraine and Canada
According to the State Statistics Service of Ukraine the volume of bilateral trade of goods between Canada and Ukraine in 2014 totaled $263.8 million USD (12.2% less compared to the 2013).
Export of goods from Ukraine to Canada increased by 38.8% and amounted to $72.6 million USD and import from Canada to Ukraine decreased by 19.2% totaled $191.2 million USD.
The volume of bilateral trade of services between Canada and Ukraine in 2014 totaled $125.3 million USD (21.9% less compared to the 2013).
Export of services from Ukraine to Canada decreased by 15.9% and totaled $86.7 million USD and import from Canada to Ukraine decreased by 21.9% totaled $125.3 million USD.
In the first quarter of 2015 export of goods from Ukraine to Canada totaled $7.57 million USD (43.6% less compared to the same period in 2014) and import from Canada to Ukraine totaled $26.6 million USD (54.8% less compared to the same period in 2014). Bilateral trade balance in goods to Ukraine for this period was negative - $19.03 million USD.
The volume of bilateral trade of services between Canada and Ukraine in the first quarter of 2015: export - $15.2 million USD (79% from the same period in 2014) and import - 13.85 million USD (68% from the same period in 2014). Bilateral trade balance in services to Ukraine for this period was positive - $1.34 million USD.
The structure of exports from Ukraine to Canada - copper wares, mineral fuel, oil and refining products, ferrous metals and products, nuclear reactors, boilers, machinery and fertilizers.
In the structure of imports dominated the supply of pharmaceutical products.
Free Trade Agreement
On January 26, 2015 Canada’s Minister of International Trade, Ed Fast, and Ukraine’s Minister of Economic Development and Trade, Aivaras Abromavičius announced renewed negotiations toward a Canada-Ukraine Free trade Agreement to promote growth and prosperity in Ukraine.
July 14, 2015 - in the framework of the working visit to Canada of the Prime Minister of Ukraine Arseniy Yatsenyuk, the document on completion of negotiations regarding the establishment of a FTA between Ukraine and Canada was signed.
On July 11, 2016 - Canadian Prime Minister Trudeau, Ukraine’s President Poroshenko and Prime Minister Groysman witnessed the signing of the milestone Canada-Ukraine Free Trade Agreement in Kyiv.
The provisions of the Agreement on free trade between Ukraine and Canada provide, in particular, the deepening of trade and economic cooperation, including trade in industrial and agricultural goods, intellectual property protection and regulation of public procurement.
When the Agreement entries into force Canada makes free access to 98% of its goods market to Ukrainian exporters immediately. But Ukraine completely abolishing import duties will have a transition period before the liberalization of the market.
Agreement entered into force on August 1st, 2017.
In the long term for the business the Agreement will be the opportunity to diversify trade flows, will be the impetus to modernize Ukrainian enterprises for the production of goods with high added value for the export to Canada.
Canada-Ukraine Chamber of Commerce
The Chamber is a privately led initiative whose purpose is to facilitate trade and investment relations between Ukraine and Canada by organizing and sponsoring trade missions, seminars and trade conferences in addition to offering access to specific areas of business expertise and consulting resources to both the business communities in Canada and Ukraine.
The Canada-Ukraine Chamber of Commerce was incorporated under Canadian law and began its operations in 1993. Over the course of the next years, the Chamber grew to include dozens of Canadian and Ukrainian companies with CUCC operated offices in Toronto, Canada and Kyiv, Ukraine.
Canada-Ukraine chamber of commerce
145 Evans Avenue, Suite 211
Toronto ON M8Z 5X8