Turkey ratifies FTA with Ukraine: why it matters
Kyiv • UNN
Turkey ratified the free trade agreement with Ukraine signed in February 2022. This is expected to increase bilateral trade from $7.3 billion to $10 billion in a short period of time.
Turkey has ratified a free trade agreement with Ukraine, the country's official gazette reported on August 2, UNN reports, citing Hurriyet Daily News.
Details
The agreement was signed on February 3, 2022, and President Recep Tayyip Erdogan approved it and its annexes on August 1.
The volume of bilateral trade between Turkey and Ukraine will reach $7.3 billion in 2023, Trade Minister Omer Bolat said on August 1 after meeting with Ukraine's First Deputy Prime Minister Yulia Svyrydenko.
He emphasized that the FTA is expected to increase this volume to $10 billion in a short period of time.
According to Bolat, 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 Turkey-Ukraine task force on Ukraine's recovery, which we signed in Istanbul in January this year," he added.
According to Svyrydenko, the completion of the ratification of the free trade agreement with Turkey will unite all Black Sea littoral countries, with the exception of Russia, into a single economic space that is mutually beneficial for all countries.
Turkey has become a de facto hub for the supply of Ukrainian grain to other countries, Svyrydenko added.
"We have sent ships with grain to African countries from Turkey, including 25,000 tons to Nigeria and 15,000 tons to Sudan," the First Deputy Prime Minister said.
