Ukraine and Turkey stepped up work on concluding the FTZ Agreement

Submitted by bashun on Wed, 10/11/2017 - 09:45

Ukraine and Turkey stepped up work on concluding a free trade zone (FTZ) agreement and signed an agreement on mutual assistance and investment protection.

This was reported by the press service of the Ministry of Economic Development

On October 9, within the high-level visit of Turkish President Recep Tayyip Erdogan, a bilateral meeting between First Deputy Prime Minister Stepan Kubiv and Turkish Minister of Economy Nikhat Zeibekchi took place. The delegations discussed issues of bilateral trade and economic cooperation, including the intensification of the negotiation process for concluding the Agreement on a free trade zone.

"Ukrainian-Turkish relations are of a strategic nature. Turkey is included in 15 countries of the world, whose imports are growing the most. According to expert studies, Ukraine does not trade with Turkey for a total of € 6 billion annually. We must use this opportunity wisely and strengthen our economic ties. That is why we agreed to hold another round of negotiations on FTA between our countries within a month, "explained Stepan Kubiv.

In 2016, Turkey took the fourth place among the countries of the world in terms of the volume of Ukrainian exports. The export of goods to Turkey continues to grow. Therefore, according to the results of 7 months of 2017 it amounted to $ 1.4 billion and increased by 18% compared to 7 months of 2016.

"Turkey is a market defined by Ukraine's export strategy as a market in focus for Ukrainian exports. Therefore, we are working to remove barriers in the Turkish market, simplify trade procedures and strengthen business contacts to business in order to increase the number of export contracts. Also, the prospects for progress in the negotiation process for the conclusion of an agreement on free trade with Turkey. The deal should cover all sectors of the economy, including agriculture, "- says the Deputy Minister of Economic Development and Trade of Ukraine, Ukraine's trade representative Nataliia Mykolska.

Stepan Kubiv and Nikhat Zeibekchi also signed an agreement on mutual assistance and investment protection.

It bears reminding that the Government approved the draft agreement between Ukraine and Turkey on mutual assistance and investment protection and authorized the First Deputy Prime Minister of Ukraine Stepan Kubiv sign it.
 

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