Türkiye ratifies free trade agreement with Ukraine
Yulia Svyrydenko and Ömer Bolat (facebook.com/profdromerbolat)
Türkiye has ratified a free trade agreement with Ukraine. It was signed in early 2022, reports Daily News Hurriyet.
The agreement was signed on February 3, 2022, and Turkish President Recep Tayyip Erdoğan approved it and its annexes on August 1.
The volume of bilateral trade between Türkiye and Ukraine in 2023 amounted to $7.3 billion, Trade Minister Ömer Bolat said on August 1 after meeting with First Deputy Prime Minister Yulia Svyrydenko.
He says that the free trade zone is expected to increase volumes to $10 billion in a short period. Türkiye 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 Türkiye-Ukraine Task Force for the Reconstruction of Ukraine, which we mutually signed in Istanbul in January this year,” he added.
Why it is important
According to Svyrydenko, the completion of the ratification of the free trade agreement with Türkiye will unite all Black Sea countries, except for Russia, into a single economic space that is mutually beneficial for all countries.
According to her, Türkiye has actually become a hub for supplying Ukrainian grain to other countries.
“We have sent vessels with grain to African countries from Türkiye, including 25,000 tons to Nigeria and 15,000 tons to Sudan,” the minister said.
Other key issues include regional trade, safety of navigation, and mine clearance in the Black Sea. The main areas of trade between the two countries are metallurgy, mechanical engineering, energy, automotive, and grain.
In early May, the Cabinet of Ministers approved and submitted a bill to ratify the Free Trade Agreement between Ukraine and Türkiye.
In February 2022, before Russia's large-scale invasion, Ukraine and Türkiye signed a free trade agreement in Kyiv in the presence of both presidents, Volodymyr Zelenskyy and Recep Tayyip Erdogan.
