Business news from Ukraine

CANADA AFTER MORE THAN 20 YEARS CANCELED 77% DUTY ON UKRAINIAN ROLLED PRODUCTS

During the next revision of the duties introduced back in 2001 on hot-rolled carbon and alloy steel sheet and strip from Brazil, China, India and Ukraine, Canada refused to extend the 77% duty on goods from Ukraine.
“The Tribunal reversed its ruling regarding the dumping of such goods exported or originating in Ukraine. The Tribunal found that continuing or resuming the dumping of these goods is unlikely to result in harm,” the Canadian International Trade Terminal said on the website of the Government of Canada.
With regard to products from Brazil, China and India, restrictive measures have been maintained.
“Since August 2001, duties of 77% have been imposed on hot-rolled carbon steel products originating from Ukraine in Canada, which effectively deprived our producers of an economic incentive to export their products to Canada. After 20 years, finally, Ukrainian steel products can again be exported to Canada “, – commented on this decision, Ambassador of Ukraine Yulia Kovaliv on Facebook.

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CANADA MAY REPLACE BELARUS IN UKRAINIAN FERTILIZER MARKET – UCAB

After Canada cancels import duties on Ukrainian goods for a year, Canadian potash fertilizers may become the main ones in the Ukrainian market and thereby replace Belarusian ones, which have not been imported to Ukraine since the beginning of Russia’s armed aggression.
The possible role of Canada in the Ukrainian market of potash fertilizers was reported by the Ukrainian Agribusiness Club (UCAB) on Facebook on Thursday.
The report states that Canada is the world’s largest producer and exporter of potash fertilizers. This country produces about 12 million tonnes of such fertilizers, thus occupying 24% of world production. At the same time, in 2021, Ukraine imported 287,500 tonnes of potash fertilizers, of which 69% came from Belarus, while its own production in the country is practically not developed.
“Therefore, Ukrainian farmers need to look for alternative suppliers, and Canada may become one of them. The abolition of import duties may become an additional factor, as it will increase the competitiveness of Ukrainian agricultural products in the Canadian market. Ukraine will be able to purchase potash fertilizers in Canada, in turn, sending its agricultural products, which are in abundance in the Ukrainian market, by the same transport,” the association said in the statement.
Canada imported 2.8 million tonnes of corn, 1.2 million tonnes of sunflower meal, and 0.5 million tonnes of soybeans in 2021, according to UCAB. It is these positions that Ukraine can supply to the Canadian market through the seaports of the Baltic countries.
The association recalled that before aggression of the Russian Federation, Ukraine had insignificant volumes of export deliveries of agricultural products to Canada, which was due not only to the significant territorial remoteness of this country, but also to the rather high development of the Canadian agro-industrial complex. Thus, during 2021, agricultural products worth $29.3 million were delivered to Canada, of which 49% of export revenue was formed by apple juice, 18% by sunflower oil and 11% by soybeans.
However, with the beginning of military aggression of the Russian Federation with the assistance of Belarus and the blockade of Ukrainian seaports by Russian warships, a number of countries canceled import duties on Ukrainian goods to help the Ukrainian economy. These factors may have an impact on Ukrainian foreign economic activity, including the increase in trade between Ukraine and Canada.
As reported, Canada, following the UK and the EU, would cancel all duties on imports of goods from Ukraine, Canadian Prime Minister Justin Trudeau announced on May 8 after meeting with President Volodymyr Zelensky in Kyiv.

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UKRAINE AND CANADA TO RETURN TO EXPANSION OF FREE TRADE AGREEMENT

Ukraine and Canada will return to work on expanding the Free Trade Agreement (FTA) and complete work on it in the coming weeks, the Ministry of Economy announced following an online meeting between First Deputy Prime Minister of Economy Yulia Svyrydenko and Minister of International Trade, Export Promotion and Small Business Canada Mary Ng.
“During the negotiations, government representatives decided to return to work on expanding the FTA Agreement between Ukraine and Canada and complete developments over the coming weeks,” the ministry said on its website on Sunday.
According to Svyrydenko, Ukraine is counting on Canada’s support in overcoming the food crisis provoked by the blocking of Ukrainian exports through seaports.
She said that an important step towards Ukraine could be the abolition of trade duties on Ukrainian goods by Canada following the EU and the UK.
“This will help exporters increase the volume of exports of products and thereby strengthen the Ukrainian economy and the defense of our state,” Svyrydenko was quoted as saying in the press release of the ministry.

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CANADA ALLOCATES $1.5 BLN TO UKRAINE FOR ONE YEAR

Canada has decided to allocate $1.5 billion to Ukraine for the year and the country has already received $0.5 billion, President of Ukraine Volodymyr Zelensky said at a press conference in Kyiv after talks with Canadian Prime Minister Justin Trudeau.
“Money is also a weapon. Canada today decided to allocate 1.5 billion for the year and we have already received 0.5 billion. This is powerful help. Canada is second only to the US in terms of aid,” he said.
At the same time, Zelensky again focused on support with weapons. “We lack heavy weapons. We all know perfectly well which powers have the technical capability, where peace reigns, weapons are not used, which powers can transfer these weapons to us,” he said.

CANADA CANCELS ALL DUTIES ON GOODS FROM UKRAINE FOR ONE YEAR

Canada, following the UK and the EU, is canceling all duties on imports of goods from Ukraine, Canadian Prime Minister Justin Trudeau announced after meeting with President Volodymyr Zelensky in Kyiv on Sunday.
“This is a good continuation of the initiative of the EU and Britain, which confirms the interest of developed countries to involve the Ukrainian economy in their own industrial and trade chains,” Yulia Sviridenko, First Deputy Prime Minister and Minister of Economy, commented on this decision.
She recalled that on the eve of this meeting, she also discussed with Canadian Minister of International Trade Mary Angie the whole range of economic cooperation measures that both countries intend to implement.
“For our ministry and Ambassador to Canada Yulia Kovaliv, this is an ambitious work program for this year,” Sviridenko stressed.

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CANADA PLANS TO TRANSFER SEIZED RUSSIAN ASSETS TO REBUILD UKRAINE

Canadian Foreign Affairs Minister Mélanie Joly has said the federal government of Canada will change its sanctions law to allow seized and sanctioned foreign assets to be redistributed as compensation to victims or to help in rebuilding a foreign state from war, the Canadian Broadcasting Corporation (CBC) has reported.
“Today, we are seeking the capacity to not only seize but to allow for the forfeiture of the assets of sanctioned individuals and entities and to allow us to compensate victims with the proceeds… These changes would make Canada’s sanctions regime the first in the G7 to allow these actions,” Joly said in a statement on Tuesday.
The CBC said that Canada is among a number of countries to have imposed sanctions on Russia after it invaded Ukraine on February 24. The changes that Canada aims to bring to its sanctions law will mean that funds or property seized from Russia could be paid out to help rebuild Ukraine or go to those affected by Russia’s invasion.
The text of the bill says the seized assets can be used for “the reconstruction of the foreign state adversely affected by a grave breach of international peace and security.” The funds could also be used for “the restoration of international peace and security” and to compensate victims when that security is breached.
A similar bill that would allow Canada to seize and confiscate Russian assets for the purpose of supporting victims of Russian attacks was already tabled by Sen. Ratna Omidvar and is poised to be approved by the upper chamber.
According to the CBC, the Ukrainian Embassy to Canada has urged lawmakers to quickly enact Omidvar’s bill. “We believe it is absolutely fair that Russian state property or ill-gotten assets of Russian oligarchs must become a part of reparations by the aggressor state to the victim of the aggression… By passing the Bill S-217 Canada will demonstrate leadership and could set an example for others to follow and show that the Russian kleptocratic corrupt regime will pay the full cost of its crimes against Ukraine,” the embassy said in a statement.

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