Ukraine and Canada signed a free trade area agreement.

The ceremonial signing of the document with the participation of  Ukrainian President Petro Poroshenko and Prime Minister of Canada Justin Trudeau took place on Monday, July 11, according to a QHA correspondent.

The agreement was signed by Minister of Economic Development and Trade of Ukraine Stepan Kubiv and Canada’s Finance Minister Bill Morneau.

A free trade zone between the two countries removes trade restrictions and completely cancels the trading fee for the main product groups during the grace period of 3-7 years.

Trade tariffs on fish, grains, wine, juices, baked goods, as well as clothing, metal products, components and electrical goods will be abolished immediately after the agreement comes into force.

The duties on a number of agricultural products, construction materials, engineering products, including components for aircrafts, cars and tractors will also be abolished within 3-7 years.

Moreover, the document provides an opportunity for Ukrainian and Canadian companies to participate in public procurement in both countries.

In the past year, Ukrainian exports to Canada fell by 2.4 times - up to $ 30.16 million, while imports increased by 7.7% - up to $ 206.24 million.

Somewhat better was situation with service trade: the export from Ukraine to Canada fell by 23.2% last year - up to $ 67.85 million, while imports - by 27.4%, up to $ 57.32 million.

In total, during the last year the export of Ukrainian goods had fallen by 29.3% - up to $ 38.135 billion in comparison with 2014, imports - by 31.1% - up to $ 37.502 billion; over the past year export of services decreased by 17.1% - up to $ 9, 55 billion, while imports  - by 19.3%, up to $ 5.14 billion.