Ukrainian government approves ratification of agreement on free trade with Türkiye

The Cabinet of Ministers of Ukraine has approved the ratification of the agreement on free trade with Turkiye which was signed back in February 2022, before the full-scale invasion. Source: press service of the Ministry of Economy of Ukraine Details: On 3 February 2022 the agreement on free trade was signed by Denys Shmyhal, Prime Minister of Ukraine, and Mehmet Mus, the then-minister of trade of Turkiye.

The agreement provides for the cancellation of import fees for about 93.4% of industrial goods and 7.6% of agricultural goods by Turkiye.

After transition periods of 3 and 7 years, Turkiye will also cancel the import fees on additional 1.5% of industrial and 28.5% of agricultural goods. Ukraine, in its turn, will cancel import fees on about 56% of industrial and 11.5% of agricultural goods. After transition periods (2-5 years for industrial goods, 2-10 years for agricultural goods), Ukraine will cancel import fees on additional 43.2% of industrial goods and 53.7% of agricultural ones.

Background: Turkiye is engaged in negotiations with an American power company ExxonMobil about a multi-billion dollar agreement on the purchase of liquefied natural gas since Ankara seeks to limit its dependence on Russian power energy suppliers.

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