(MENAFN- UkrinForm) The ratification of the modernized free trade agreement with Ukraine testifies to Canada's firm support for Ukraine's victory in the war and its long-term prosperity.

That's according to Canada's Minister of Export Promotion, International Trade and Economic Development Mary Ng, who commented on the completion of the Ratification of Canada's updated free trade agreement with Ukraine, an Ukrinform correspondent reports.

“Canada strongly condemns Russia's ongoing war of aggression against Ukraine and continues to take action in support of Ukraine. Receiving royal assent is an important step toward implementing the modernized Canada-Ukraine Free Trade Agreement (CUFTA) and an example of Canada's unwavering commitment to Ukraine and its people,” the minister said.

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She noted that the updated deal "will advance open, predictable and inclusive trade, increase transparency, reduce costs for businesses and support Ukraine's economic recovery and long-term prosperity." "The agreement strengthens our trade relationship, encourages innovation and fosters economic growth for Canadians and Ukrainians alike, creating good jobs and local benefits," Ng said.

The minister stressed that“[w]hen Ukraine wins the war, Canadian businesses and exporters will be ready to rebuild because our modernized free trade agreement will have put the right frameworks in place."

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The original FTA deal between Canada and Ukraine came into force on the first of August 2017, allowing the two governments to mutually cancel or reduce import duties on most commodities. Last September, during a visit to Ottawa, President Volodymyr Zelensky of Ukraine signed with Prime Minister Justin Trudeau of Canada an updated agreement, which now also covers trade in services, not just goods, as well as investments, telecommunications, and other promising areas.

It should be added that in, 2021 the turnover between Canada and Ukraine reached a record level, approaching $350 million. Last year, it decreased slightly due to the factors mainly related to the Russian invasion.

As reported by Ukrinform, Governor-General of Canada Mary Simon on Tuesday gave the royal assent to the Law on the ratification of the modernized free trade with Ukraine, effectively putting the legislation into force. However, Ukraine is yet to complete the ratification process.

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