Today in Kyiv, Ukraine and Turkey signed an agreement on a free trade zone. The text of the document was agreed 12 years ago, but at the same time the parties could not agree on the tariffs applicable to each of the groups of goods.
What the agreement provides:
- Ukraine will receive improved conditions for access to the Turkish market;
- complete abolition of Turkish duties on industrial products;
- Ukrainian goods produced from Turkish raw materials will be able to enter the markets of all European countries duty-free.
Now Turkey will set 0% duties on 10 commodity items, which is 337% of the total amount of goods exported by Ukraine. In addition, tariff quotas or reduced duties will apply to another 95 commodity items.
According to preliminary forecasts, the agreement will annually give +2,2% to Ukraine's GDP. The turnover will increase by 38%.
An agreement on cooperation in the field of high technologies was also signed. One of the points is the construction of a factory for the production of Bayraktar UAVs).
