2024-05-07T16:00:00+03:00 Economy 2024-05-14T04:01:32+03:00

Ukrainian news

Cabinet proposes Rada to ratify free trade agreement with Turkey

Cabinet proposes Rada to ratify free trade agreement with Turkey

The Cabinet of Ministers proposes to the Verkhovna Rada to ratify the agreement with Turkey on free trade.

This was announced by Prime Minister Denys Shmyhal at a government meeting, Ukrainian News Agency reports.

"Today, the Government will approve and submit to the parliament a bill on the ratification of the Free Trade Agreement between Ukraine and Turkey. Tariffs on a significant number of Ukrainian goods, including 93% of our industrial goods, will be abolished," he said.

Shmyhal noted that Turkey is among the five main trade partners of Ukraine, so this agreement creates new opportunities for Ukrainian business.

The representative of the Cabinet of Ministers in the Verkhovna Rada, Taras Melnychuk, reported on the Telegram channel that the government approved the bill "On Ratification of the Agreement on Free Trade between the Government of Ukraine and the Government of the Republic of Turkey", which proposes to ratify the agreement concluded on February 3, 2022 in Kyiv.

Melnychuk added that the implementation of the agreement will contribute to the further development of bilateral trade and economic cooperation between the countries, will allow domestic producers to benefit from the liberalization of Turkish goods and services markets, and will open up opportunities for Ukrainian business both to expand sales markets and to develop and modernize its own production.

As Ukrainian News Agency earlier reported, in February 2022, Ukraine and Turkey signed an agreement on a free trade zone.

The Ministry of Economy in December 2023 expected the agreement on the free trade zone with Turkey to enter into force in early 2024.