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Ukraine approves FTA with Canada

Xinhua, April 3, 2017 Adjust font size:

Ukrainian President Petro Poroshenko has signed a law to ratify a Canada-Ukraine Free Trade Agreement (CUFTA), thus completing the approval of the deal from the Ukrainian side, the presidential press service said Monday.

The agreement is expected to increase the trade turnover between the two countries, facilitate the inflow of foreign investment in Ukraine and create new jobs, spurring the economic growth, said the statement on the Ukrainian presidential website.

The CUFTA will enter into force on the first day of the following month after the date on which both parties have notified each other of its approval, the statement said.

To take effect, the deal must be approved by the Canadian Senate in the final reading and the Governor General of Canada.

Under the CUFTA, which was signed in July 2016, Ukraine and Canada agreed to eliminate duties on 86 percent and 99.9 percent of respective current imports.

In 2016, the bilateral trade between Ukraine and Canada stood at 246.3 million U.S. dollars, up 4.1 percent from the year before. Enditem