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The introduction of a free trade zone between Ukraine and Canada will be a powerful incentive for the modernization of domestic production capacities and the key to the further diversification of Ukrainian export markets. Negotiations on a free trade zone are completed and entrepreneurs of both states are waiting for the signing and ratification of the relevant agreement. However, the bilateral economic and trade relations are developing rapidly beyond the free trade zone. Achievements have already been made in the field of investment, technical assistance, etc., but the work has to be carried out. This was emphasized by the participants of the conference entitled "Ukraine-Canada: A Look into the Future," which was held in Ukraine's capital city. The conference was also attended by the representatives of diplomatic and business circles from Canada and Ukraine.
Ambassador of Canada to Ukraine Roman Waschuk noted that the implementation of the free trade agreement (FTA) will be an important step towards deepen trade and economic cooperation, including trade in industrial and agricultural goods, protection of intellectual property. Immediately after the Agreement becomes effective, Canada will provide free access to 98 per cent of its goods market for Ukrainian exporters. The official Ottawa is interested in both Ukrainian goods and the Ukrainian market, in which it has been investing more than a year. Mr. Waschuk said that last year, Canadian exports to our country increased 45%, while that from Ukraine - decreased.
"This demonstrates a potential that has not been realized still, but that can be used," he stated.
First Vice President of the ULIE Serhiy Prokhorov, one of the speakers at the event, agreed with his statement. In his opinion, both parties need to work out feasible draft projects on specific areas of the economy, where it is possible to deepen cooperation and benefit from its positive results. This includes contacts between the relevant business associations or individual companies. Some of them already have positive cooperation experience. Serhiy Prokhorov stated that the ULIE is ready to provide Canadian partners with concrete proposals from Ukrainian enterprises that are ready to launch a fruitful cooperation as soon as possible.
The statement serves as confirmation of the strong interest of businessmen and conference participants in establishing business ties with Canadian colleagues. Representatives of the energy sector, food industry and other economic branches initiated the exchange of contacts already during the meeting, and emphasized the need for exchange of experience and attracting foreign technology for domestic production needs.
According to a representative of the Ukrainian Chamber of Commerce and Industry (UCCI) Valeriy Korol, the current situation favors the deepening of the bilateral partnership, and further process depends on active positions of business organizations and individual entrepreneurs themselves, who will be actively supported by the UCCI and the Ukrainian League of Industrialists and Entrepreneurs.
Canada is also ready to promote and boost Ukraine's export potential, and has recently launched a number of programs for this purpose. The Canadian ambassador stressed that over the past two years Ukraine has received $700 million in financial aid, of which $400 million was in the form of a loan. According to Roman Waschuk, this has been a significant contribution to macroeconomic stabilization in Ukraine. Canada also intends to allocate $30 million for the development of SMEs in Ukraine, having actively implemented local economic development projects in a number of Ukrainian regions - Lviv, Dnipropetrovsk and others.
"Our investors, some of whom have visited Ukraine during the past six months, are also interested. Particularly, there is interest to cooperate with Ukroboronprom, a number of IT companies," Canadian Ambassador noted.
Ukrainian Ambassador to Canada Andriy Shevchenko also pointed to Canadian efforts. In his view, these and other technical assistance projects help make Ukrainian economy stronger, and the country a more attractive partner for the international community. The issues that have to be tackled by Ukraine, according to the Ambassador, are fighting corruption, deregulation of domestic products market and bringing them in line with the technical regulations and standards of the EU.