Turkey Ratifies Free Trade Agreement with Ukraine: Why It Matters

The volume of bilateral trade between Turkey and Ukraine last year amounted to 7.3 billion dollars.

Ankara has ratified the free trade agreement with Ukraine, which was signed in early 2022. This was reported by the Turkish publication Daily News Hurriyet .

The agreement was signed on February 3 of the year before last, and Turkish President Recep Tayyip Erdogan approved the agreement and its annexes on August 1.

Bilateral trade between the countries reportedly totaled $7.3 billion last year. The main areas of cooperation are ferrous metallurgy, mechanical engineering, energy, automobile manufacturing and grain.

According to Turkish Trade Minister Omer Bolat, the introduction of a free trade zone will increase the volume of bilateral trade to $10 billion. Moreover, such figures can be achieved in a short period.

Completion of the ratification of the agreement will lead to the unification of all Black Sea countries (except the Russian Federation) into a single economic space, which is considered beneficial for all its participants.

Relations between Kyiv and Ankara – defense sphere

Turkey and Ukraine maintain very close relations in the defense sector. Thus, earlier it became known that Ukraine plans to purchase Turkish fifth-generation fighters KAAN.

Let us also recall that Ukraine has purchased Ada-class corvettes from Turkey. The second such ship, the Hetman Ivan Vyhovsky , was recently launched. It is scheduled to make its maiden voyage in 2026.

(C)UNIAN 2024