More than 270 lawmakers of the Ukrainian parliament voted for ratification of a free trade agreement between Ukraine and Canada on March 14.
Ukraine’s Economic Development and Trade Minister Stepan Kubiv called it the first major trade agreement success since the ratification of a deal with the European Union in January 2016.
Ukraine-Canada trade has lots of room for improvement. Neither country a major trade partner for each other. According to the State Statistics Service of Ukraine, Ukraine exported $28 million worth of goods to Canada and imported $217 million. But the volume is low compared to the overall trade volume of Ukraine, which exported $36 billion worth of goods worldwide in 2016. In fact, Russia remains Ukraine’s single largest trade partner in exports and imports. Distance is a big barrier to Ukraine-Canada trade. So is the disparity in wealth between the two nations – Canada’s gross domestic product was $1.5 trillion in 2016 while Ukraine clocked in at only $82 billion, despite having nearly 10 million more people.