Canada decides on extending duty-free status for Ukrainian goods
Photo: François-Philippe Champagne, Minister of Finance of Canada (Getty Images)
Canada has extended the duty-free status for Ukrainian goods until 2026, according to Canada’s finance minister François-Philippe Champagne.
The Canadian minister explained that the decision was made in light of the consensus reached last month by the finance ministers and central bank governors of the G7 countries.
"Canada reaffirmed its support for a just and lasting peace in Ukraine, including through military, financial, and humanitarian aid. Today’s announcement reinforces that commitment by helping sustain Ukraine’s economy and demonstrates Canada’s resolve to stand with Ukraine for as long as it takes," said François-Philippe Champagne.
During the duty-free regime, according to the Canadian government, Canada imported goods from Ukraine worth over 35 million Canadian dollars (almost 26 million US dollars), with 8.5 million Canadian dollars (nearly 6 million US dollars) exempted from customs duties.
The extension of the duty-free regime is expected to allow approximately 1.2 million Canadian dollars (about 876 thousand US dollars) in customs duties to be waived within a year.
Recently, the European Union extended the customs regime for Ukrainian steel. The duty-free access was extended for Ukraine for three years.
At the same time, as of June 6, the EU’s duty-free regime for other Ukrainian goods expired. Until Ukraine and the EU conduct negotiations and adopt new long-term trade rules, a transitional period will be in effect. More details about how Ukraine and the EU will trade now can be found in the RBC-Ukraine report.
