Successful week highlighting Ukrainian-Canadian business relations - the Lower House of the Federal Parliament of Canada supported ratification of the Free Trade Agreement with Ukraine. CUFTA aims to boost commercial and business ties between the two nations and create job opportunities in both countries. It will also promote change in Ukraine’s business and legal culture by:
• enhancing cooperation aimed at increasing transparency in regulatory matters (trade facilitation); and reduction in transaction costs (elimination of red tape) for businesses;
• promoting commitments related to the protection and enforcement of intellectual property rights;
• sets out commitments pertaining to high standards of environmental and labor protection;
• including a trade-related cooperation chapter, in which Canada and Ukraine agree to promote cooperation that will help ensure that CUFTA-related benefits are realized.
