Turkey and Ukraine Sign FTA
A Free Trade Agreement (FTA) between Turkey and Ukraine has been signed eliminating customs on 10,337 goods, constituting 95% of the goods imported into Ukraine from Turkey. Other goods have reduced tariffs. Ukraine will also be able to export to Turkey at a 0% tariff both grain and all industrial products, with reduced tariffs for processed foods, and zero or reduced tariffs for metal exports.
Turkey currently ranks fifth in trade with Ukraine, with trade in goods for the first nine months of 2021 totalling USD 5 billion, a 50% increase over trade for that period in 2020, with Ukraine enjoying a USD 496 million positive trade balance. The Presidents expressed their aim for trade to quickly reach USD 10 billion under the FTA.
President Erdogan reaffirmed Turkey’s support for Ukraine’s “sovereignty and territorial integrity, including Crimea”. Turkey also announced that it would be opening consulates in Kharkiv and Lviv. In response to the current Russian threads, President Erdogan offered to host and mediate a summit between President Zelensky and Russian President Putin