Canada has allocated $13 million for the development of the free trade zone with Ukraine

Canada has allocated $13 million toward a program for the development and support of an agreement on a free trade zone (FTZ) between Ukraine and Canada.

This was stated by the temporary controller of the program, Karim Morkos, the director of the development department of the Canadian Embassy in Ukraine, reports Interfax-Ukraine.

"Canada is not only eliminating taxation for most Ukrainian goods, but we have also invested $13 million in the development and support of a free trade agreement. We will also focus on different sectors: IT, the agro-industrial sector, the fashion industry, etc.," he said during the reception in Kyiv in honor of the entry into force of the Free Trade Agreement (FTA), which took place on Tuesday.

In addition, the diplomat noted that the agreement on the free trade zone would provide opportunities for development, job creation and the attraction of investment.

As has been reported, the agreement on a free trade zone between Ukraine and Canada will end 98% of tariffs for Ukrainian goods exported to Canada from August 1. 72% of tariffs on Canadian goods will be immediately ended, and duty-free exports will increase to 98% within 7 years.

In addition, the public procurement markets have been opened reciprocally. Separate sections of the agreement protect e-commerce and intellectual property.

The agreement was signed in Kyiv on July 11, 2016. The Verkhovna Rada ratified it on March 14, 2017. President Petro Poroshenko signed the law on ratification on April 3, 2017.

  Canada, Ukraine, Free Trade Zone