Ukraine, Turkey agree to strengthen industrial cooperation and bilateral trade

Ukraine, Turkey agree to strengthen industrial cooperation and bilateral trade

The Ukrainian-Turkish consultations on signing the Free Trade Agreement concern not only trade issues but also production and job creation which makes the document even more attractive for both parties.

The Government portal released a corresponding statement following the consultations between the Ukrainian and Turkish delegations within the framework of negotiations on signing Ukraine–Turkey Free Trade Agreement.

"The most important thing for us is job creation and GDP growth. Ukraine is open for cooperation and investment, which is why the Ukrainian side will make efforts to finalize the process of signing the Free Trade Agreement with Turkey," said Minister of Economy of Ukraine Oleksiy Lyubchenko.

He thanked the Turkish side for the fact that the agreement covers not only trade but production as well.

At the meeting, Ukraine was represented by First Deputy Prime Minister – Minister of Economy of Ukraine Oleksiy Lyubchenko, Deputy Minister of Economy of Ukraine – Trade Representative of Ukraine Taras Kachka; Turkey – Deputy Minister of Trade of the Republic of Turkey Mustafa Tuzcu.

Tuzcu noted that strong political relations and strategic partnership were developing between the Republic of Turkey and Ukraine. Therefore, the next step should be to deepen relations in the economic sphere.

"In recent years, we have had a good trade balance of $5 billion. Signing the Free Trade Agreement can double it up to $10 billion. Turkey is one of the largest investors in Ukraine, and Turkish business sees opportunities for investment in renewable energy, pharmaceuticals, and telecommunications. The Free Trade Agreement is not only a guarantee of deepening our economic relations but also an impetus for the development of our economies," said the Deputy Minister of Trade of the Republic of Turkey.

During the meeting, the participants also discussed measures to support economies during the quarantine period, peculiarities of protection of the interests of certain sectors of the economy, reorientation of export policy, and more.


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