Turkey ratified the free trade agreement with Ukraine: important details
The volume of bilateral trade between Turkey and Ukraine last year amounted to 7.3 billion dollars.
Ankara officially ratified the agreement on the free trade zone with Ukraine, which was signed at the beginning of 2022. About this informs Turkish publication Daily News Hurriyet.
This agreement was signed on February 3, 2022, and the President of Turkey, Recep Tayyip Erdogan, approved it with its annexes on August 1, 2024. In 2023, the volume of bilateral trade between the countries amounted to 7.3 billion dollars. The main areas of cooperation include ferrous metallurgy, mechanical engineering, energy, automotive and grain.
Turkish Minister of Trade Omer Bolat expressed hope that the introduction of the free trade zone will help increase the volume of bilateral trade to 10 billion dollars in a short period of time.
“The introduction of a free trade zone will significantly accelerate the economic growth of our countries and contribute to increasing the level of well-being of citizens.” – emphasized Bolat.
Ratification of the agreement will contribute to the creation of a single economic space among the Black Sea countries, with the exception of Russia, which is considered beneficial for all participants. It will also strengthen regional economic stability and development.
In addition to economic cooperation, Turkey and Ukraine have close ties in the defense sphere. Ukraine plans to purchase fifth-generation Turkish KAAN fighters, and has already purchased Ada-type corvettes. The second ship of this type – “Hetman Ivan Vyhovskyi” – was recently launched and is scheduled to make its maiden voyage in 2026.
