Turkey has ratified the free trade agreement with Ukraine, which was initially signed at the beginning of 2022.
According to Daily News Hurriyet, the agreement was signed on February 3, 2022, and was approved by Turkish President Recep Tayyip Erdoğan along with its annexes on August 1.
The bilateral trade volume between Turkey and Ukraine in 2023 amounted to $7.3 billion, as stated by Minister of Trade Ömer Bolat following a meeting with Ukraine's First Deputy Prime Minister Yuliia Svyrydenko on August 1. He emphasized that the free trade area is expected to increase this volume to $10 billion in a short period. Bolat noted that Turkey and Ukraine will continue to strengthen cooperation and enhance mutual trade and investment based on shared interests.
"Turkish companies will actively participate in the implementation of the Turkish-Ukrainian working group on Ukraine's reconstruction, which we jointly signed in Istanbul earlier this year," he added.
Svyrydenko noted that the completion of the ratification of the free trade agreement with Turkey will unite all Black Sea countries, except Russia, into a single economic space that is mutually beneficial for all countries involved.
She mentioned that Turkey has effectively become a hub for the supply of Ukrainian grain to other countries.
"We have sent ships with grain from Turkey to African countries, including 25,000 tons to Nigeria and 15,000 tons to Sudan," said the minister.
Among other key issues are regional trade, shipping security, and demining of the Black Sea area. The main sectors of trade between the two countries include metallurgy, engineering, energy, automotive, and grain.
