Ukraine aims to boost trade with Guatemala through new agreement

Ukraine has announced plans to establish a free trade agreement with Guatemala, as reported by the Ukrainian Ministry of Economy‘s press service. The prospect of creating a free trade zone was discussed during a meeting between Ukraine’s First Deputy Prime Minister and Minister of Economy Yuliia Svyrydenko and Guatemalan President Bernardo Arévalo in the Dominican Republic, where both officials attended the country’s presidential inauguration.

According to the Ministry of Economy, Ukraine’s exports to Guatemala in 2023 amounted to $623,600, while imports reached $17.16 million.

“We have the potential to strengthen trade, and the free trade agreement will undoubtedly be a factor that will contribute to this,” Svyrydenko said.

The initiative builds on Guatemala’s active support for Ukraine since the beginning of Russia’s full-scale invasion of Ukraine. Svyrydenko noted that Guatemala has been one of the most supportive Latin American countries, joining Ukraine’s international Crimea Platform and the core group for establishing a special tribunal on the crime of aggression. The Central American nation has co-authored numerous Ukraine-linked resolutions adopted by the UN General Assembly in 2022-2023 and voted positively for all these resolutions.

The previous Guatemalan President, Alejandro Giammattei, was the first Latin American leader to visit Ukraine after the start of the full-scale war in July 2022. During this visit, Ukraine and Guatemala agreed on a visa-free regime.

Previously, Mario Búcaro, Guatemala’s then Foreign Minister, stated in an interview with RBC-Ukraine that Guatemala would always stand by Ukraine, saying,

“We are allies of Ukraine, we are the voice there in Latin America.”

The announcement comes as Ukraine expands its trade relations in Latin America. In May 2024, Ukraine proposed creating free trade zones with two other Latin American countries – Argentina and Chile. Additionally, in early August, the Turkish parliament ratified a free trade agreement with Ukraine, concluding a negotiation process that lasted 12 years.

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