The ratification of the Free Trade Agreement between the Government of Ukraine and the Government of Turkey by the Parliament of the Republic of Turkey is an important step towards strengthening mutually beneficial trade relations between the countries and strengthening their economies, said Deputy Minister of Economy - Trade Representative of Ukraine Taras Kachka.

"We welcome the ratification of the Free Trade Agreement between our countries by the Turkish Parliament. This is an important step towards strengthening trade ties between the two countries. The implementation of the Agreement will simplify logistics, facilitate the entry of more Ukrainian and Turkish producers into the markets of our countries, and thus increase trade volumes. In addition, it will open up new prospects for the implementation of joint economic projects between Ukraine and Turkey and attract Turkish investments to Ukraine. Finally, the creation of a free trade zone between the two countries will complete the formation of a single economic space of the Black Sea countries, with the exception of russia, thereby adding dynamics to the development of the Black Sea region," said Taras Kachka.

The Deputy Minister of Economy - Trade Representative of Ukraine told, that according to studies conducted by the Ministry of Economy at the stage of preparing the Agreement, the establishment of the FTA with Turkey had been expected to have a positive impact on GDP growth. The positive effect was awaited to come from both the abolition of Turkish import duties on Ukrainian goods and time savings for exporters and importers.

"russia's large-scale invasion has changed the economic situation in our country and hit our industries hard. Therefore, the Agreement signed on the eve of the invasion needs to be improved. Ukraine is grateful to Turkey for understanding the situation. In particular, last autumn, the countries signed a Memorandum in which Turkey had agreed to review quotas for certain types of Ukrainian goods. We are continuing to work closely with our partners to improve the Agreement and are determined to intensify this work," said Taras Kachka.

According to the Deputy Minister of Economy and Trade Representative of Ukraine, both sides have a full understanding that the greatest effect for the economies of the countries, producers, exporters and importers can be achieved under conditions of mutually beneficial economic relations.