Turkey ratifies free trade agreement with Ukraine

Hurriyet Daily News reported the information.

The outlet reported that the agreement was signed on February 3, 2022, but President Erdoğan approved the agreement and its annexes on August 1, 2024.

The volume of bilateral trade between Turkey and Ukraine in 2023 amounted to $7.3 billion, Trade Minister Ömer Bolat said on August 1 after meeting with Ukraine's First Deputy Prime Minister Yulia Svyrydenko.

He emphasized that the FTA (free trade area) is expected to increase the trade volume to $10 billion in a short period.

Bolat noted that Turkey and Ukraine will continue to strengthen cooperation and increase mutual trade and investment based on shared 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.

Svyrydenko also noted that strengthening economic cooperation and trade was discussed.

According to her, the completion of the ratification of the free trade agreement with Turkey will unite all Black Sea countries, except Russia, into a single economic space that is mutually beneficial for all countries.

Turkey has effectively become a hub for supplying Ukrainian grain to other countries, added the minister.

"We have sent ships with grain to African countries from Turkey, including 25,000 tons to Nigeria and 15,000 tons to Sudan," Svyrydenko informed.

She mentioned that other key issues discussed included regional trade, maritime security, and the demining of the Black Sea waters.

• Turkey is ready to help Ukraine restore its energy sector after Russian attacks and assist in increasing the capacity of distributed generation.