Ukraine and Turkey to intensify work aimed at signing in 2017 of agreements on free trade, avoidance of double taxation and reciprocal protection of investment

Ukraine and Turkey will speed up the work to ensure signing in 2017 of three top priority documents on free trade, the updated Agreement on the Reciprocal Promotion and Protection of Investments and the Agreement on Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to taxes on income and property, Prime Minister of Ukraine Volodymyr Groysman and Prime Minister of Turkey Binali Yildirim agreed in particular during a meeting on Tuesday.

"We consider that this year we must find accord regarding three topmost documents, such as a free trade area between our countries, second – the reciprocal protection of investments, and the avoidance of double taxation between our countries", said Volodymyr Groysman following the meeting with the Prime Minister of Turkey at a joint press point.

The heads of government have set a goal to enhance the volumes of trade turnover between the countries up to USD 20 billion. In 2016, the trading volumes of the two countries exceeded USD 3 billion.

"The work being done today aimed to harmonize and sign the Free Trade Agreements should lead to increasing trade turnover. Moreover, we should facilitate the flow of capital, adopt all necessary decisions to protect our investment, thereby providing an opportunity for the counties to enhance our capacity both in terms of industry and trade", noted Volodymyr Groysman.

The Prime Minister of Ukraine noted that he had recently met with business representatives of the Turkish Republic.

The Ukrainian Government engages in active work to improve the investment climate in Ukraine. The Head of Government briefed his counterpart on the measures being taken in this direction, in particular the setting up in the past year of the Investment Support Office.

"We are eager to support every investment project, and our current goal is to ensure success of each business that deal with investment", said Volodymyr Groysman.

Ukraine is interested in Turkish investment, he said. The Prime Minister invited Turkish business circles to energize their activity on the Ukrainian market.

"It is the investment sector that today opens up enormous prospects for further economic partnership between Ukraine and Turkey", urged Volodymyr Groysman.