After the war in Ukraine concludes, economic cooperation between Ukraine and Canada is expected to significantly strengthen, with Canada potentially becoming one of the most important trade partners for the Ukrainian economy.
This is reported by Finway
Potential for Cooperation Between Ukraine and Canada
Former Canadian Minister of International Trade Ed Fast shared his vision for the future relationship between the two countries. In his opinion, Canadian businesses have long shown considerable interest in collaborating with Ukraine, particularly in the areas of trade, investment, and infrastructure projects. Fast recalled that during his tenure, he organized two trade missions to Ukraine in 2014 and 2015, which included representatives from Canadian businesses.
“During my term as minister, I was convinced that Canadian businesses are very interested in collaborating with Ukraine and participating in the rebuilding of its economy. I led two trade missions, visiting Ukraine in 2014 and 2015 with business representatives who showed keen interest in trade, investment, and infrastructure projects. I am confident that after the fighting ends, Canada will become a significantly more important partner for Ukraine,” said Fast.
Business Prospects and Restraints
Ed Fast emphasized that the private sector in Canada will increasingly work with Ukrainian companies over time. However, he noted that regular reports about the war in Ukraine lead investors to choose more stable markets for their investments. According to him, Canada, which borders the United States—the largest economy in the world—does not feel the impact of the war on its territory, while the situation in Ukraine is significantly different. At the same time, Fast stressed that Canadian businesses do not lose interest in collaborating with Ukraine, but it will take time to activate investments.
It is worth noting that since 2017, there has been a free trade agreement between Ukraine and Canada, and two years ago the agreement was updated and expanded to new areas, including investments. This creates additional opportunities for deepening economic relations after the fighting concludes.