Draft Free Trade Agreement Between Ukraine And Türkiye

On May 7, the Ukrainian Cabinet approved the draft free trade agreement between Ukraine and Turkey, laying the foundation for the agreement to take effect. The agreement aims to promote the development of trade relations between the two countries by providing more favorable access conditions, eliminating trade barriers, reducing business operating costs, and ultimately improving national economic benefits. Yulia Sviridenko, Deputy Minister of Economy of Ukraine, said that this will bring new trade opportunities to Ukrainian companies. Simplifying logistics is crucial for companies and will help attract two-way investment.

The main content of the agreement involves the elimination of import tariffs. Turkey has eliminated 93.4% of import tariffs on industrial products and 7.6% of agricultural products, while Ukraine has eliminated 56% of import tariffs on industrial products and 11.5% of agricultural products. With the end of the transition period, both parties will further eliminate import tariffs, which is expected to be gradually implemented in the next few years.

The agreement, subject to approval by the two countries’ parliaments, will enter into force within two months after the last party confirms the completion of domestic procedures. The implementation of this agreement will bring closer trade cooperation between Ukraine and Turkey and create good conditions for the economic growth and development of both parties.