Turkey ratified the free trade zone agreement with Ukraine

Turkey ratified the Free Trade Agreement between Ukraine and Turkey, which was signed on February 3, 2022.

Hurriyet Daily News writes about it.

Negotiations on the signing of the agreement lasted for 15 years — since 2006. Yesterday, the President of Turkey, Recep Tayyip Erdogan, approved the agreement with the annexes, and today the notification of its ratification appeared in the official gazette.

At a meeting with Ukrainian Deputy Prime Minister Yulia Svyrydenko on August 1, Turkish Trade Minister Omer Bolat noted that trade between the countries in 2023 was $7.3 billion. And when the agreement enters into force, in a short time it can grow to $10 billion.

Yulia Svyrydenko noted that the ratification of the FTA agreement with Turkey will unite all countries around the Black Sea, except the Russian Federation, into a single economic space, which will be beneficial for all. She also noted the important role of Turkey as a hub for the export of Ukrainian grain.

At a meeting on May 7, the Cabinet of Ministers of Ukraine approved the draft law on the ratification of the free trade agreement between Ukraine and Turkey. It was submitted to the Verkhovna Rada, but peopleʼs deputies have not yet voted.

• The key to the agreement is Turkeyʼs establishment of a 0% customs duty on 10,337 goods (95% of the total) exported by Ukraine. At the same time, tariff quotas or reduced duties will apply to another 1,348 goods.
• Thanks to the zero customs duty on grain, Ukraine will have improved conditions of access to the Turkish market of processed agricultural products.