Turkey Ratifies Free Trade Agreement With Ukraine
(MENAFN- UkrinForm) Turkey has ratified a free trade agreement with Ukraine.
That's according to Hurriyet Daily News , Ukrinform reports.
The agreement was signed on February 3, 2022, and President Recep Tayyip Erdogan approved the deal and its annexes on August 1. The notification of the ratification of the agreement was published in the Official Gazette of Turkey on Friday, August 2.
Ukraine's First Deputy Prime Minister and Economy Minister Yulia Svyrydenko arrived in Turkey on August 1. Turkish Trade Minister Omer Bolat said after meeting with her that bilateral trade between the two countries in 2023 reached $7.3 billion. He stressed that the FTA is expected to increase the volume to $10 billion in a short period.
Turkey and Ukraine will continue to strengthen cooperation and increase mutual trade and investments on the basis of common interests, Bolat said.
Read also: Corvette for Ukraine's Navy launched in Istanbul
The free trade agreement between Ukraine and Turkey foresees the cancellation of import duties by Turkey for about 93.4% of industrial goods and 7.6% of agricultural goods. After the end of the transitional periods (three to seven years), Ankara will lift import duties for another 1.5% of industrial goods and for 28.5% of agricultural goods.
Ukraine, in turn, will cancel import duties for about 56% of industrial goods and 11.5% of agricultural goods. After the end of the transitional periods (two to five years for industrial goods and two to ten years for agricultural goods), Kyiv will cancel import duties for another 43.2% of industrial goods and for 53.7% of agricultural goods.
Photo: AA
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