The Council ratified the free trade agreement with Turkey.

The Verkhovna Rada ratified the free trade agreement with Turkey, facilitating the export of Ukrainian goods.

The Verkhovna Rada of Ukraine approved the ratification of the free trade agreement with Turkey, completing all domestic procedures for its entry into force. The document aims to boost economic cooperation between the two countries and improve conditions for Ukrainian producers by expanding their opportunities in the Turkish market.

The bill No. 0340 was supported by 236 deputies, according to the parliament’s press service. The agreement, signed in Kyiv on February 3, 2022, provides for Turkey to abolish import duties on 95% of Ukrainian goods, covering more than 10,000 product positions. Tariff quotas or reduced duty rates will apply to a further 1,350 product categories.

Under the terms of the agreement, Turkey will fully abolish duties on most Ukrainian industrial products, opening new opportunities for Ukrainian metallurgists. More than 500 types of metallurgical products will be exported duty-free, while some product categories will have quotas with a total volume of at least 411,000 tons. However, Ukraine will maintain an export duty on scrap metal to support domestic metallurgy.

Duties on the import of used cars and second-hand goods will remain, while transition periods of three and five years are foreseen for vehicles and light industry goods. Additionally, Ukrainian products made using Turkish raw materials will be able to receive Ukrainian origin status under the EUR.1 certificate, allowing their duty-free export to European Union countries.

This agreement is an important step towards strengthening economic ties between Ukraine and Turkey, especially in light of the reduction in Turkey’s trade volumes with Russia. From January to April, the reduction in imports of Russian products amounted to 22.8%, which was the largest drop among all Russia’s trading partners.