The Cabinet of Ministers supported the draft law on the ratification of the Agreement on Free Trade between Ukraine and Turkey. Now it will be submitted to the parliament.
This was announced by Prime Minister Denys Shmyhal.
Ratification of the agreement provides for the cancellation of customs duties on a significant number of Ukrainian goods, including 93% of industrial goods.
Zero duty is set for 510 out of 840 metallurgical products, partial duty reduction is established for 130, and quotas for at least 411,000 tons will be provided for 167 metallurgical products.
"Turkey is among our five main trading partners. Therefore, this agreement creates new opportunities for Ukrainian business," the prime minister wrote.
The government approved the draft free trade agreement between Ukraine and Turkey at the beginning of February 2022, and the presidents of the countries signed it on February 3 of the same year. Negotiations on the signing of the agreement lasted for 15 years — since 2006.
The key to the agreement is Turkeyʼs establishment of a 0% customs duty on 10,337 goods (95% of the total) exported by Ukraine. At the same time, tariff quotas or reduced duties will apply to another 1,348 goods.
Thanks to the zero customs duty on grain, Ukraine will have improved conditions of access to the Turkish market for processed agricultural products.