News Release Article from  Global Affairs Canada

Canada announces funding to increase trade and investment between Canada and Ukraine

December 17, 2015 - Nairobi, Kenya - Global Affairs Canada

The Honourable Chrystia Freeland, Minister of International Trade, together with the Honourable Marie-Claude Bibeau, Minister of International Development and La Francophonie, today announced funding to increase trade and investment between Canada and Ukraine that will help small and medium-sized enterprises in Ukraine access Canadian and global markets. Canada will contribute $13.6 million to the Canada-Ukraine Trade and Investment Support project between 2016 and 2021.

Minister Freeland made the announcement following her meeting with Nataliya Mykolska, Deputy Minister of Economic Development and Trade, Trade Representative of Ukraine, on the margins of the World Trade Organization’s 10th Ministerial Conference in Nairobi, Kenya.

The Government of Canada is partnering with the Conference Board of Canada and the Canada-Ukraine Chamber of Commerce to deliver the Canada-Ukraine Trade and Investment Support project. The project will equip small and medium-sized enterprises, particularly those led by women, with the tools, training and knowledge necessary to export their products and services to Canadian and other markets and to attract Canadian investment to expand their businesses.

The project will also help the Ukrainian government develop investment attraction and diversification strategies and conduct market research to facilitate increased trade and investment between Canada and Ukraine. In addition, Canada will provide technical assistance to help Ukraine’s public and private sectors identify and take advantage of new trade opportunities resulting from the implementation of the Canada-Ukraine Free Trade Agreement (CUFTA).

Quotes

“Canada is committed to supporting Ukraine’s government and private sector to take advantage of new trade opportunities arising from implementation of the Canada-Ukraine Free Trade Agreement. By bolstering the growth and competitiveness of Ukraine’s small and medium-sized businesses, we are building mutual prosperity for both our countries.”

- Chrystia Freeland, Minister of International Trade

“Canada is committed to promoting inclusive sustainable economic growth in Ukraine. By increasing trade and investment for Ukrainian businesses, we are helping to improve the lives of the country’s poorest and most vulnerable people.”

- Marie-Claude Bibeau, Minister of International Development and La Francophonie

Quick facts

  • In 2015, Canada and Ukraine announced the conclusion of Canada-Ukraine Free Trade Agreement (CUFTA) negotiations. Once it comes into force, the CUFTA will create new opportunities for Canadian and Ukrainian businesses.
  • The CUFTA will support the economic reform and development efforts of the Government of Ukraine, strengthen the Canada-Ukraine partnership for peace and prosperity and help pave the way for long-term security, stability and broad-based economic development in Ukraine.
  • In 2014, bilateral merchandise trade between Canada and Ukraine was valued at approximately $244 million.
  • Ukraine is a country of focus for Canada’s international development assistance.
  • Canada’s international development assistance in Ukraine focuses on improving economic opportunities for Ukrainians in a strengthened democracy.
  • Canada is also assisting the Government of Ukraine with the reforms needed to promote sustainable economic growth and to advance democracy and the rule of law.

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