The entry into force of the Free Trade Agreement between Ukraine and Turkey opens a new page in relations between the two countries, which will significantly increase trade turnover, promote mutual investment and stimulate economic development in key sectors. Barış Çakır, Risk Assessment and Compliance Coordinator at ASSET GLI, told this in an interview with Ekonomim.
“With the Agreement coming into force, the volume of bilateral trade is expected to increase to USD 10 billion in a short period of time. This will be made possible by tax rebates on certain goods that are sensitive to Turkey, such as agricultural products and metallurgy,” said Çakır.
According to the expert, the agreement will not only stimulate the exchange of goods, but will also greatly facilitate logistics processes, which will facilitate faster economic exchange. Trade duties between the two countries will be cancelled, which will create new opportunities for Turkish producers in various sectors of Ukraine’s economy, including transport, construction, pharmaceuticals, tourism and textiles.
“Over the past five years, Ukraine has already become an important partner for Turkish investors, but this agreement will help Turkish companies strengthen their position in the Ukrainian market and play an important role in post-war reconstruction,” said Çakır.
According to the latest data, Turkey’s exports to Ukraine increased by 20.4% in 2023, reaching $2.7 billion. Total bilateral trade exceeded $6.1 billion at the end of the year. With the new opportunities following the signing of the Free Trade Agreement, these figures are expected to grow dynamically.
