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Türkiye ratifies free trade agreement with Ukraine

02/08/2024

2 minute read

Port infrustructure in Odesa. Illustrative photo

Türkiye ratifies free trade agreement with Ukraine

Türkiye has ratified the Free Trade Agreement with Ukraine, according to Hurriyet Daily News. The deal signed between Kyiv and Ankara confirms the abolition of import duties by Türkiye on about 93.4% of industrial goods and 7.6% of agricultural products. After the transitional periods (3-7 years), Turkiye will cancel import duties on another 1.5% of industrial goods and 28.5% of agricultural products. Ukraine, for its part, will abolish import duties on about 56% of industrial goods and 11.5% of agricultural products. After the transitional periods (2-5 years for industrial goods, 2-10 years for agricultural goods), Kyiv will cancel import duties on another 43.2% of industrial goods and 53.7% of agricultural products, UkrInform explained. The Free Trade Agreement was signed on 3 February 2022. Six months later, Turkish President Recep Tayyip Erdoğan officially

approved the deal. Earlier, Ukraine's First Deputy Prime Minister and Minister of Economy, Yuliia Svyrydenko, arrived in Turkiye with a working visit. After meeting with the Ukrainian official, the Turkish Minister of Trade, Ömer Bolat, stated that the bilateral trade volume between the two countries in 2023 was estimated at $7.3 billion. He added that the agreement was expected to increase its amount to $10 billion in a short period. Bolat emphasized that Türkiye and Ukraine will continue to strengthen cooperation and increase mutual trade and investments based on shared interests.

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