OREANDA-NEWS.  July 14, 2014. Canada supports the Ukraine’s ambitious plan of economic reforms and is ready to work together in order to create favorable conditions for the development of trade and economic cooperation. This was discussed at a meeting of Minister of Economic Development and Trade of Ukraine Pavlo Sheremeta with Canadian Minister of International Trade Ed Fast.

The parties discussed a number of issues as to the negotiation process on a free trade agreement and agreed to extend it. Moreover, they talked about the fact that liberalization of markets for goods and services would expand markets for exporters and create a modern, transparent and predictable environment for consumers, investors and improve the business from both sides. Pavlo Sheremeta said that despite the complexity of the events taking place recently in Ukraine, we keep the course on establishing stable, predictable and favorable conditions for economic development and activity of economic operators.

"Canada is one of the key trade partners of Ukraine. The deepening economic cooperation is a crucial element of the strategic partnership between the two countries. An important step in this direction should be the liberalization of trade through a bilateral free trade agreement, and joint implementation of strategic investment projects in both countries," said the Minister.

Canadian International Trade Minister Ed Fast has said that Canada is ready to provide comprehensive assistance to Ukraine to achieve its goals, and is ready for the next steps for developing and deepening bilateral relations.

"Canada considers a free trade agreement between the two countries as a tool to achieve mutually beneficial goals and reasonable grounds to strengthen the existing friendly relations between Canada and Ukraine," he added.

Following the meeting the sides have confirmed their readiness to act together so as to tackle Ukraine’s economic difficulties on the path to sustainable economic development.

Background data
Ukraine –Canada free trade agreement negotiation process has been launched during the state visit of the President of Ukraine to Canada in 2008 and repeatedly confirmed at a high level. Following five rounds of negotiations, the parties worked out a wide range of issues, including the main provisions of an agreement on national treatment and market access of goods, customs procedures, rules of goods origin, disputes settlement, public procurement, etc.

The sides have confirmed their intention to enhance the negotiation process aimed at reaching mutually acceptable solutions.