Turkey ratified the agreement on the creation of a free trade zone with Ukraine, which was signed back in 2022.
Points of attention
- Turkey ratifying the free trade agreement with Ukraine is expected to boost bilateral trade volume to $10 billion, fostering economic growth in both countries.
- The agreement signifies a step towards unifying Black Sea countries into a single economic space with mutually beneficial prospects, excluding Russia.
- Turkey's participation in the Ukrainian grain export market through the Black Sea will contribute to the development of Ukrainian grain exports and strengthen regional cooperation.
- The free trade agreement will enhance collaboration between Turkish and Ukrainian working groups on the reconstruction of Ukraine, leading to increased cooperation and investments based on common interests.
- The recent meeting between Recep Tayyip Erdoğan and Volodymyr Zelenskyy highlights ongoing negotiations to renew the grain agreement, showcasing the commitment to fostering trade relations between the two nations.
What does the ratification of the agreement on the free trade zone between Ukraine and Turkey mean
It is noted that the countries signed the agreement on February 3, 2022, on the eve of the large-scale invasion of the criminal army of the Russian Federation into Ukraine.
It is emphasized that in 2023 the volume of bilateral trade between Ukraine and Turkey amounted to 7.3 billion dollars.
According to Turkish Trade Minister Omer Bolat during a meeting with First Deputy Prime Minister of Ukraine Yulia Svyridenko on August 1, thanks to the ratification of the agreement on the free trade zone between the countries, the volume of trade will increase to 10 billion dollars.
The Turkish minister emphasized that his country will continue to expand cooperation with Ukraine and increase mutual trade and investments based on common interests.
Turkish companies will take an active part in the implementation of the Turkish-Ukrainian working group on the restoration of Ukraine, which we jointly signed in Istanbul in January of this year, Bolat emphasized.
As Svyridenko noted, the completion of the ratification of the free trade agreement with Turkey will unite all Black Sea countries, with the exception of Russia, into a single economic space mutually beneficial for all countries.
What is known about the participation of Turkey in the restoration of the export of Ukrainian grain through the Black Sea
Turkish leader Recep Tayyip Erdogan met with Ukrainian President Volodymyr Zelenskyi on Thursday, July 11, on the sidelines of the NATO summit in Washington. During the negotiations, he announced that he had started work on restoring the "grain agreement".
As reported, Zelenskyi and Erdogan discussed "the course of the Ukrainian-Russian war, as well as regional and global issues."
