Turkey ratified the FTA agreement with Ukraine: what does it mean

Turkey ratified the free trade zone agreement with Ukraine. It will increase the volume of trade between the countries to $10 billion.

On Thursday, August 2, Turkey ratified the free trade agreement with Ukraine, Hürriyet Daily News reports.

The agreement was signed on February 3, 2022, and President Recep Tayyip Erdogan approved the agreement and its annexes on August 1.

The volume of bilateral trade between Turkey and Ukraine in 2023 was $7.3 billion, Trade Minister Omer Bolat announced on August 1 after a meeting with First Deputy Prime Minister of Ukraine Yulia Svyridenko.

He emphasized that the FTA is expected to increase trade volumes to $10 billion in a short period.

In particular, the agreement stipulates that Istanbul will abolish import duties for 93.4% of industrial and 7.6% of agricultural goods.

Bolat noted that Turkey and Ukraine will continue to strengthen cooperation and increase mutual trade and investment based on common interests.

“Turkish companies will take an active part in the implementation of the Turkish-Ukrainian working group on the restoration of Ukraine, which we jointly signed in Istanbul in January of this year,” he added.

According to Yulia Svyridenko, the completion of the ratification of the free trade agreement with Turkey will unite all Black Sea countries, with the exception of Russia, into a single economic space that is mutually beneficial for all countries.

Turkey actually became a hub for the supply of Ukrainian grain to other countries, the Ukrainian minister added.

“We sent ships with grain to African countries from Turkey, including 25,000 tons to Nigeria and 15,000 tons to Sudan,” she clarified.

Earlier, USM reported that Ukraine and Turkey discussed restoration of navigation safety in the Black Sea.