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Ukraine, Türkiye ready to ratify FTA

Ukrinform | 14 December 2023

Ukraine, Türkiye ready to ratify FTA

The governments of Ukraine and Türkiye are ready to ratify the Free Trade Agreement in the near future.

According to Ukrinform, this was discussed during a meeting between the First Deputy Prime Minister - Minister of Economy of Ukraine Yulia Svyrydenko and the newly appointed Ambassador of the Republic of Türkiye Mustafa Levent Bilgen, the Ministry of Economy reports.

Thus, upon completion of the ratification procedure, the Agreement will enter into force in early 2024 and will open up new opportunities for duty-free or partially duty-free trade between the two countries.

"The FTA will also simplify logistics issues, facilitate the development of Ukrainian business in wartime, and open new prospects in Ukraine for our partners from Türkiye. In addition, we will establish a Working Group on Grain to discuss global and bilateral trade in the grain market. Ukraine highly appreciates Türkiye’s participation in protecting its grain export initiative, which is an important factor in ensuring global food security," Svyrydenko said.

The parties are also ready for a constructive dialogue on expanding economic cooperation, including the launch of joint projects in priority sectors of the economy. Strategically important sectors for rebuilding Ukraine and attracting private investment include defense, agricultural production and processing, renewable energy, gas production and storage, green metallurgy, environmentally friendly transportation, healthcare, and pharmaceuticals.

"Ukrainian entrepreneurs are ready to establish joint business with international partners. Therefore, the Government is using every opportunity to attract additional resources, including for the post-war reconstruction of Ukraine. Humanitarian demining is another important area. We need heavy demining machines, training for sappers, everything that will help to clear our land as soon as possible. We are open for cooperation and encourage international business to come to Ukraine," Svyrydenko stated.

As Ukrinform reported, Ukraine and Türkiye signed an FTA on February 3, 2022. The signing took place in the presence of President of Ukraine Volodymyr Zelensky and President of the Republic of Türkiye Recep Tayyip Erdogan.

 source: Ukrinform