: A free-trade agreement between Ukraine and Turkey coming soon

15:22 May. 13, 2016

A free-trade agreement between Ukraine and Turkey coming soon

A free-trade agreement between Ukraine and Turkey coming soon

Economy Ministry says the deal will be based on ‘balanced and mutually beneficial conditions'

Ukraine intends to cement a free trade agreement with Turkey on balanced and mutually beneficial conditions and increase the flow of Turkish investments into Ukrainian economy by the end of this year.

This was reported by the press service of Ministry of Economic Development and Trade after a meeting of Ukraine's Prime Minister Volodymyr Groysman with Turkey's Defence Minister Ismet Yilmaz.

Read also Ukraine-Canada free-trade deal could go in action this summer

In addition, the parties agreed to amend the intergovernmental agreement on elimination of double taxation to prevent tax evasion, and also to improve investment protection agreements.

In March of this year, Ukraine and Turkey resumed negotiations on a free trade suspended in 2013.

Turkey is one of the ten largest trade partners of Ukraine. At present trade turnover between Ukraine and Turkey is approximately USD 4 billion. But by 2018-2019, Kyiv and Ankara intend to increase this figure to USD 10 billion.

As earlier reported, Turkey says it is ready to sign an agreement on a free trade zone with Ukraine but wants to exclude an agricultural section from it.

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