Ukraine-Turkey free trade agreement to take effect in early 2024 - Kiev

MOSCOW. Dec 13 (Interfax) - Ukraine and Turkey will ratify the Free Trade Area Agreement (FTA) in the near future, and after the ratification procedure is completed, the document will take effect in early 2024, Ukrainian media reported, citing the Economy Ministry on Wednesday following a meeting between Ukrainian First Deputy Prime Minister and Economy Minister Yulia Sviridenko and new Turkish Ambassador Mustafa Levent Bilgen.

"The free trade agreement will simplify logistics, promote Ukrainian businesses' development amid the crisis, and open new prospects in Ukraine for partners from Turkey," the press service quoted Sviridenko as saying.

A working group on grain will be set up to discuss global and bilateral trade on this market, she added.

The parties are also ready for a constructive dialogue on expanding economic cooperation, in particular, launching joint projects in priority economic sectors. Strategically important sectors for recovery and attracting private investment are defense, production industries and agricultural produce processing, renewable energy, gas production and storage, green metallurgy, environmentally friendly transport, healthcare, and pharmaceuticals.

As reported, Ukrainian Prime Minister Denis Shmygal and Turkish Trade Minister Mehmet Mus signed the bilateral FTA Agreement in Kiev on February 3, 2022, following 12 rounds of negotiations and a number of expert consultations between 2011 and 2022.