The Parliament of the Republic of Turkey has ratified a Free Trade Agreement (FTA) with Ukraine, marking a significant development in the trade relations between the two nations. This move is expected to bolster both countries' economies by facilitating easier market access and increasing trade volumes.
Deputy Minister of Economy and Trade Representative of Ukraine, Taras Kachka, expressed approval of the ratification, highlighting the potential benefits of the agreement. “The ratification of the Free Trade Agreement by the Turkish Parliament is a crucial step in enhancing trade ties between our countries. The agreement is anticipated to simplify logistics and enable more producers from both Ukraine and Turkey to enter each other’s markets, ultimately boosting trade,” Kachka stated.
He also noted that the agreement opens up opportunities for joint economic projects and could attract Turkish investments to Ukraine. Furthermore, Kachka emphasized that the creation of a free trade zone would contribute to the formation of a single economic space in the Black Sea region, with the notable exception of Russia.
Kachka referenced studies conducted by Ukraine’s Ministry of Economy during the preparation phase of the agreement, which predicted a positive impact on Ukraine’s GDP. This growth was expected to stem from the removal of Turkish import duties on Ukrainian goods and reduced logistical costs for exporters and importers.
However, Kachka acknowledged that the economic landscape in Ukraine has changed significantly due to Russia’s ongoing conflict with the country. The agreement, originally signed before the escalation of the conflict, now requires revisions to better address the current situation. He mentioned that a Memorandum was signed last autumn in which Turkey agreed to review quotas for certain Ukrainian goods, demonstrating flexibility in light of the new economic challenges.
Kachka concluded by affirming that both nations are committed to refining the agreement to maximize its benefits for their economies, producers, exporters, and importers, emphasizing the importance of mutually beneficial economic relations.
