Türkiye ratifies free trade agreement with Ukraine

Türkiye has ratified the free trade agreement with Ukraine, which was signed back at the beginning of 2022.

Source: Daily News Hurriyet

Details: The agreement was signed on 3 February 2022, but Turkish President Recep Tayyip Erdoğan only approved it and its annexes on 1 August of this year, Daily News Hurriyet reports.

The volume of bilateral trade between Türkiye and Ukraine reached US$7.3 billion in 2023, said Trade Minister Ömer Bolat on 1 August. 

He emphasised that the free trade zone is expected to boost trade volumes to US$10 billion in a short period. Bolat noted that Türkiye and Ukraine will continue to strengthen cooperation and increase mutual trade and investment based on shared interests.

Quote: "Turkish companies will take an active part in the implementation of the Türkiye-Ukraine Task Force for the Reconstruction of Ukraine, which we mutually signed in Istanbul in January this year," he added.

Ukrainian Economy Minister Yuliia Svyrydenko noted that the completion of the free trade agreement ratification with Türkiye will unite all Black Sea countries, except Russia, into a single economic space, mutually beneficial for all involved nations.

Background:

• Ukraine and Norway have agreed to extend the possibility of transport without permits. 
• Ukraine and the European Union extended the freight liberalisation agreement for another year, with the option of renewal.

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