Canada and Ukraine are keen to update the terms of their free trade agreement in order to modernize it and ensure it is fit for purpose, it has been reported.

According to Ukrinform.net, Canada's minister of small business, export promotion and international trade Mary Ng recently met virtually with Ukraine's ambassador to Canada Andriy Shevchenko.

Following the meeting, Ms Ng said on her Twitter feed: "We spoke about our commitment to modernize the Canada-Ukraine Free Trade Agreement (CUFTA), and agreed that inclusive and rules-based trade will be key to our people's economic recovery."

Mr Shevchenko also spoke favorably about the discussions, adding that he wants the rest of the world to see Ukraine as an important emerging eastern European trade partner.

The CUFTA came into force in August 2017 and represented an important milestone in the bilateral relationship between Canada and Ukraine.

Canada has been a significant supporter of economic reform in Ukraine, as well as being the first western nation to recognize its independence.

Upon its implementation, the CUFTA eliminated customs duties on almost all goods produced in one country and imported to the other, offering benefits for Canadian businesses but also paving the way for long-term Ukrainian stability.

The agreement also sets out the obligations to exporters regarding origin declaration, and the requirements for both importers and exporters concerning implementation and verification of rules of origin.

However, the agreement contains a review clause which committed both parties to review it within two years of its entry into force.

As such, Canadian prime minister Justin Trudeau and Ukrainian president Volodymyr Zelensky announced a commitment to its modernization in July 2019.

They said this will allow for an even more inclusive approach to trade and expand Canada's preferential access in Ukraine.

It seems talks towards these goals have already been positive, so we may look forward to seeing an update soon.