Türkiye, Ukraine on verge of historic free trade agreement approval

The approval process for the free trade agreement signed between Ukraine and Türkiye is nearing completion.

Despite the ongoing Russian occupation, trade between the two nations has already reached $7.5 billion. Ukrainian Ambassador to Türkiye, Vasyl Bodnar said the new agreement will push this to $10 billion.

NATO, EU membership discussions

Last week, NATO celebrated its 75th anniversary in the United States, with attention focused on support for Ukraine and decisions regarding its membership process. Hungary’s resistance to supporting Ukraine has delayed Kyiv’s expected outcomes concerning EU and NATO membership. Despite this, unwavering support for Ukraine was reiterated.

Ukrainian delegation in Ankara

During this period, a Ukrainian delegation led by Deputy Economy Minister Taras Kachka held essential meetings in Ankara to enhance commercial relations. These discussions revisited President Recep Tayyip Erdogan’s visit to Kyiv and the nearly completed Free Trade Agreement approval process.

Commitment to $10B trade goal

The internal approval process for the Free Trade Agreement is expected to conclude soon, reinforcing both countries’ commitment to achieving the $10 billion trade volume target set by their presidents. We thoroughly examined the detailed steps towards this goal.

Ambassador Bodnar’s insights

Ambassador Bodnar emphasized the significance of the free trade agreement in an interview with Turkish Dunya Gazetesi, calling it a historic milestone in Türkiye-Ukraine relations. He noted that the total trade volume in 2023 reached approximately $7.5 billion despite the Russian invasion.

Türkiye plays a crucial role in Ukraine’s foreign trade. With the commencement of free trade, the target of $10 billion in bilateral trade, announced during the March meeting in Istanbul, will be swiftly achieved

Vasyl Bodnar

Role of Turkish companies in Ukraine

Since the onset of Russia’s large-scale invasion, Turkish investors have become a model for other foreign investors. According to Bodnar, Turkish nationals have established 354 new companies, making up 13.1% of the total number of foreign companies. He highlighted the focus on renewable energy development and expressed gratitude for the trust Turkish businesses have shown in Ukraine.

We believe that the implementation of free trade and joint projects for Ukraine’s economic recovery will bring significant benefits and opportunities for the Turkish business community

Vasyl Bodnar