Thursday, March 10 2016 15:10 EET
Ukraine and Turkey reach FTA agreement
Turkey, Russia, war, conflict, Turks, Putin, Ukraine, world, agreement, FTA, Poroshenko

According to the words of the Turkish President, Turkey is going to create a free trade area (FTA) with Ukraine and increase trading with this country. Such plans were announced at a joint press conference with Petro Poroshenko.

Erdogan claimed that he was committed to reach a free trade agreement as soon as possible. Moreover, he and Ukrainian President discussed the possibilities of increasing trade relations between the two countries, bringing bilateral trade turnover to about $20 billion by 2020.

Erdogan also said that it was necessary for Ukraine and Turkey to sign a series of other deals in order to avoid double taxation and protect the sphere of investment.

It should be mentioned that the idea to create a free trade area between Ukraine and Turkey was postponed in 2013. However, in 2016, it was renewed since the Turkish Prime Minister visited Ukraine.

In the period between January and September 2015, Ukrainian export to Turkey was estimated at $2.1 billion. At the same time, the general import from Turkey to Ukraine amounted to $0.6 billion. In February 2016, Ukrainian and Turkish parties decided to increase the scope of bilateral trade to $10 billion by 2018.

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