A building contractor who’s been helping put up houses for nine years has a window on international trade that he sees as a boon to construction in Metro Edmonton. It’s Canada’s free trade agreement with Ukraine.
Ivan Lypovyk, the owner of Permanent Solution Windows, said he can take advantage of lower labour costs.
“There is a huge appetite for European quality products here in Canada. It’s going to bring some competition here to Canadian businesses and I think it’s going to be beneficial for both Canada and Ukraine,” he said Monday ahead of a CUFTA information session being held downtown.
“The market in Europe is way more competitive than here so it kind of reflects on the quality of the product itself and the price. It’s pretty competitive with the price of windows here in Canada, but quality is way, way higher.”
There are predictions Canada’s $200-million annual trade with Ukraine will quadruple in the coming years.
That’s one message Michael Yurkovich, the president of Calgary-based Refraction Asset Management, gave in Ottawa to Global Affairs as he met with MPs to promote an increase in trade.
“Canada has a very big opportunity in Ukraine,” Yurkovich said, as Canada is poised to fill a void created when Russia left Urkaine’s market. “We’re their largest hope for western transition.
“The government of Canada is in a unique position to be a leader within the G-20 by showing that free trade and globalization can work for the average Canadian.”
He said Canada makes a good fit in industries like biotech, cyber warfare, manufacturing, crop sciences, and energy. Ukraine, meanwhile, can supply Canada with manufacturing capability, cash crops and a strong, educated labour force.
That’s why turning $200 million into $800 million is possible, said Yurkovich.
“There’s a very big interest in recapitalizing their oil and gas sector. Dependant upon how many successful trade agreements are brokered and deals are consummated, we could definitely see those numbers become very large over the next two to three years.”
Tariff reductions will help Western Canada the most, according to a Government of Canada website. Exports to Ukraine averaged $139 million annually between 2014 and 2016.
The agreement was signed on July 11, 2016, and took effect on Aug. 1, 2017.
In the meantime, Lypovyk hopes to increase his market share, looking out at west Edmonton where All Weather Windows leads the way. He knows he’s a small player.
“They’re not going to see any real big competitor right now but I wish I’m at that point,” he laughed.
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