Ukraine, Türkiye free trade agreement approved
Turkish President Recep Tayyip Erdogan, right, shakes hands with Ukrainian President Volodymyr Zelenskyy at the end of a join news conference following their meeting at Istanbul, Türkiye March 8 2024 (AP Photo)
The free trade agreement between Türkiye and Ukraine has been officially approved and published in the Official Gazette. Turkish President Recep Tayyip Erdogan is now authorized to directly approve amendments to the agreement, originally signed in Kyiv on Feb. 3, 2022.
Looking ahead
The implementation of the free trade agreement is expected to significantly benefit both economies, with a swift achievement of the $10 billion trade goal and enhanced opportunities for Turkish businesses in Ukraine.
Trade relationship
Despite the ongoing Russian occupation, trade between Türkiye and Ukraine has reached $7.5 billion.
- Ukrainian Ambassador to Türkiye Vasyl Bodnar highlighted the significance of the free trade agreement as a historic milestone in Türkiye-Ukraine relations.
- Bodnar said that Turkish companies have played a key role, with 354 new firms established in Ukraine, making up 13.1% of foreign companies. Turkish investors are seen as models for other foreign entities, focusing on renewable energy and contributing to Ukraine’s economic recovery.
