The free trade agreement between Türkiye and Ukraine has entered into force, establishing a stable and predictable framework for bilateral economic cooperation while supporting efforts to increase trade between the two countries to $10 billion in the near term.
The Turkish Trade Ministry announced that the Türkiye-Ukraine Free Trade Agreement officially entered into force on Thursday. The agreement is intended to strengthen bilateral commercial relations by establishing a more predictable and stable framework for trade between the two countries.
Customs duty provisions governing trade in goods under the agreement will come into effect on January 1, 2027. The agreement is expected to support bilateral trade by establishing a more stable and predictable regulatory framework amid current market conditions.
The agreement, signed on February 3, 2022, establishes a framework for strengthening bilateral commercial ties and supports the shared objective of increasing trade between the two countries to $10 billion in the near term.
The agreement, structured with consideration for the sensitive sectors of both nations, goes beyond trade in goods to include provisions covering services, investment, e-commerce, trade facilitation, and customs cooperation.
Provisions allowing quota-free bilateral and transit transportation between Türkiye and Ukraine are intended to facilitate and support the movement of goods and commercial activity between the two countries.
As Ukraine moves closer to economic integration with the European Union, the agreement provides a mechanism to preserve preferential trade conditions for businesses in both Türkiye and Ukraine, while enhancing their competitiveness relative to suppliers from third countries.
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