Thank you very much.
Ladies and gentlemen, as president of the Canada-Ukraine Chamber of Commerce, I stand before you today to underscore the profound importance of modernizing the Canada-Ukraine Free Trade Agreement, emphasizing the key changes needed for the prosperity of both nations and highlighting the critical role and place of Ukraine's postwar recovery and reconstruction, as well as its potential to engage Canadian companies in this vital endeavour.
The original CUFTA was established in 2017, and we have been involved in this a bit. As former ambassador, Mr. Waschuk, mentioned, we were part of the project CUTIS as well. The old CUFTA, as I call it, has been a symbol of economic co-operation and partnership, but the modernization of this agreement is crucial to reflect the changing dynamic of the global economy as well as the challenges Ukraine is currently facing due to the Russian full-scale invasion.
I also would like to underscore that the old trade agreement had a main focus in the area of tariff reduction and elimination, and it has done a great job. Most of the tariffs are removed, and I think all of them will be removed by the end of February.
However, there are important new chapters in this modernized free trade agreement. A lot of things are on trade and services that had been missing before. IT has been already mentioned, and quite a few Ukrainian companies even opened offices already in Canada. There are also chapters on finances, non-tariff barriers, e-commerce and environmental labour standards.
I would just like to underscore that trade in services and finances are going to be very crucial in the rebuilding of Ukraine. We're talking about probably the largest reconstruction project in the world, the numbers that are being thrown around now are $750 billion to perhaps even a trillion dollars. It is giving not just a huge opportunity to help Ukraine but also a huge opportunity for Canadian companies to take part in that. It's not a secret anymore because, right after the signing of the modernized free trade agreement by the President of Ukraine and Prime Minister of Canada, there was an MOU signed between a known Canadian company, Aecon, and Ukrhydroenergo, which is a producer of hydro energy in Ukraine. These kinds of projects are multi-billion dollar projects. They will happen and they will be done much easier and faster with this modernized CUFTA.
The modernization of CUFTA holds a unique potential to engage Canadian companies in the reconstruction of Ukraine. Canada has a history of providing support and assistance to Ukraine, and this is a pivotal moment to further strengthen the partnership. By modernizing the agreement, we can create incentives and opportunities for Canadian businesses to invest in Ukraine's reconstruction efforts. This will not only bring much-needed capital to the country but also foster technology, technological transfer and knowledge sharing that can accelerate Ukraine's postwar recovery.
In conclusion, the modernization of the Canada-Ukraine Free Trade Agreement, with the key changes outlined, is crucial for Ukraine's postwar recovery. These changes will fortify our friendship and partnership, while sending a strong signal to the world about our commitment to responsible and ethical trade and services practices. Morever, it has the potential to engage Canadian companies in the crucial task of reconstruction in Ukraine, fostering economic revitalization and reinforcing the bond between our nations. I urge all of you to support this initiative, recognizing its vital role in Ukraine's recovery and the opportunities for Canadian companies.
Thank you very much.