Turkey ratified the free trade zone agreement with Ukraine. This was reported in the Official Gazette of the country on August 2, writes Hurriyet Daily News. On May 7, the Cabinet of Ministers approved the draft law on ratification of the agreement and submitted it to the Verkhovna Rada, but people's deputies have not yet approved it.
Turkey is one of Ukraine's largest trading partners. Despite the war and logistical difficulties, trade between the countries showed positive dynamics in 2023, exceeding $7.3 billion.
Details
• The countries signed the agreement on February 3, 2022. The President of Turkey, Recep Tayyip Erdogan, approved it with annexes on August 1.
• The volume of bilateral trade between Turkey and Ukraine in 2023 was $7.3 billion, Turkish Trade Minister Omer Bolat said on August 1 after a meeting with the First Deputy Prime Minister - Minister of Economy of Ukraine Yulia Svyridenko, who visited Ankara on a working visit.
• The free trade zone is expected to increase trade turnover to $10 billion in a short period, Bolat emphasized.
• According to him, 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 Turkish-Ukrainian task force on the restoration of Ukraine, which we jointly signed in Istanbul in January of this year," he added.