The Canada–Ukraine Free Trade Agreement Implementation Act, 2023, establishes a legal framework for enhanced trade between Canada and Ukraine, aiming to eliminate trade barriers and promote economic cooperation. It mandates financial responsibilities, compliance, and regulatory changes that could significantly impact businesses and taxpayers.
The Act is set to impact a range of groups, including Canadian and Ukrainian businesses, especially small and medium enterprises (SMEs), by providing new market opportunities. Taxpayers may see implications from government spending related to enforcing this agreement. Critics argue that local industries and workers might face challenges if foreign interests are prioritized over domestic protections.
The implementation requires Canada to finance costs related to managing the agreement, raising concerns about the allocation of taxpayer funds, especially during budget constraints. Businesses may also incur costs for compliance with new regulations and potential verification procedures, which could burden SMEs lacking the resources to adapt swiftly.
Supporters believe this Act will enhance trade relations, create jobs, and stimulate economic growth for both Canada and Ukraine. They argue that the clear guidelines and definitions will streamline processes, promote ethical trade practices, and position Canada as a leader in international relationships, especially in light of geopolitical tensions.
Critics are concerned about the financial burden on taxpayers and the potential for reduced domestic oversight in trade policies, fearing unchecked governmental powers. They also worry that the focus on foreign trade could compromise local industries and labor rights, while the complexities introduced by compliance requirements could stifle innovation, particularly for smaller businesses.
That the motion be amended by deleting all the words after the word “That” and substituting the following: “Bill C-57, An Act to implement the 2023 Free Trade Agreement between Canada and Ukraine, be not now read a third time, but be referred back to the Standing Committee on International Trade with the view to amend the coming into force provision to allow it to be fixed by order of the Governor in Council after the removal of all references to carbon pricing and carbon leakage.”.
That Bill C-57, An Act to implement the 2023 Free Trade Agreement between Canada and Ukraine, as amended, be concurred in at report stage.
That the bill be now read a third time and do pass.
That the bill be now read a second time and referred to the Standing Committee on International Trade.