Modernized Canada-Ukraine Free Trade Agreement takes effect

MOSCOW. July 2 (Interfax) - Canadian Minister of Export Promotion, International Trade and Economic Development Mary Ng has welcomed the official enactment of the modernized Canada-Ukraine Free Trade Agreement (CUFTA), Ukrainian media said, citing her statement on the Canadian government's website.

"This is a significant milestone in the Canada-Ukraine bilateral relationship. The modernized CUFTA will enhance trade, increase economic cooperation and support Ukraine's financial reform and efforts to rebuild," Ng said.

The updated agreement entered into force on July 1.

The modernized CUFTA is a win-win for both countries. It maintains the preferential market access gained in the original 2017 CUFTA, updates and adds new language in areas such as trade in services, investment, temporary entry for businesspeople, telecommunications, digital trade, labor and the environment, and it adds a dedicated chapter on trade and indigenous peoples, a first in each country's history, according to the statement.