The Council ratified the free trade agreement with Turkey

The Verkhovna Rada ratified the free trade agreement with the government of the Republic of Turkey (No. 0340), the parliament reported on Tuesday, writes UNN.

Details

236 people's deputies voted in favor.

The purpose of the law is to complete the domestic procedures necessary for the entry into force of the free trade agreement between Ukraine and Turkey, which was signed on February 3, 2022 in Kyiv.

The agreement, as expected, will promote the development of bilateral cooperation, open opportunities for Ukrainian business, expand sales markets, and also provide an opportunity to develop and modernize domestic production.

The Government supported the ratification of the free trade agreement between Ukraine and Turkey07.05.24, 13:23 • 20089 views

The government approved the draft free trade agreement between Ukraine and Turkey back in early February 2022.

A key provision of the deal at the time, the Ministry of Economy called Turkey's establishment of 0% duties on 10,337 product items, which is 95% of the total number of goods exported by Ukraine. In addition, for another 1,348 product items, as expected at the time, tariff quotas or reduced duties would apply. 

Thanks to the establishment of 0% duty on Turkey's supply of grain, Ukraine, as expected, will receive improved conditions for access to the Turkish market for processed agricultural products. The agreement, as indicated, also provides for the complete abolition of Turkish duties on industrial products. 

To ensure the development of domestic metallurgy, Ukraine, as reported, reserved the right to apply an export duty on the export of scrap metal. At the same time, Turkey opens its domestic market for our metal. For 510 out of 840 metallurgical products, as envisaged, a zero duty is established. For another 130, a partial reduction of duties is established, which gives us advantages compared to Russian metal. For 167 metallurgical products, according to reports, quotas of at least 411 thousand tons are to be provided. 

In addition, Ukraine, as envisaged, maintains the application of duties on used cars and second-hand goods and establishes three- and five-year transitional periods for the application of duties on vehicles and light industry products.

Also, goods produced from Turkish raw materials after the activation of the agreement, as indicated, will be considered Ukrainian and will be able to enter the markets of all European countries duty-free, in accordance with the EUR1 certificate.