Turkey ratifies free trade agreement with Ukraine

Turkey ratified the free trade agreement with Ukraine.

It was originally signed on February 3, 2022, and President Recep Tayyip Erdoğan approved the agreement and its appendices on August 1.

Under the agreement, Istanbul will abolish import duties for 93.4% of industrial and 7.6% of agricultural goods, while Ukraine will do the same for 56% of industrial and 11.5% of agricultural goods.

Ukraine’s Deputy Prime Minister Yulia Svyrydenko noted that the ratification of this agreement will unite all Black Sea countries, except for Russia, into a single economic space, beneficial for all involved.

The main areas of trade between the two countries include metallurgy, engineering, energy, automotive, and grain.

Turkish Trade Minister Ömer Bolat stated that Ankara and Kyiv will continue to strengthen cooperation and increase mutual trade and investments based on shared interests: “Turkish companies will actively participate in the implementation of the Turkish-Ukrainian working group on the reconstruction of Ukraine, which we jointly signed in Istanbul this January.”

Ukraine Front Lines