The Senate of Canada has passed a bill implementing the modernised Canada-Ukraine Free Trade Agreement (CUFTA) in its third reading.

According to Yuliia Kovaliv, Ukraine's Ambassador to Canada, the updated agreement was signed on 22 September 2023 during the visit of Ukrainian President Volodymyr Zelenskyy to Ottawa.

Earlier this February, the House of Commons of the Canadian Parliament supported the agreement with a majority vote and sent it to the Senate for approval. 

The agreement requires the approval of the Governor General of Canada to enter into law. 

"The modernised Free Trade Agreement, which includes chapters on digital trade, financial services and investment protection, will be an important tool to help Ukrainian companies enter the Canadian market and for Canadian companies to participate in the reconstruction [of Ukraine]," the ambassador said.

Last October, Mary Ng, Canada's Minister of Foreign Trade, presented the text of a modernised free trade agreement with Ukraine to Parliament.