Ukraine's parliament has ratified the Free Trade Agreement (FTA) signed with Türkiye, marking a significant step toward expanding bilateral trade and economic cooperation between the two countries.

The agreement was approved by the Verkhovna Rada on July 14, completing Ukraine's ratification process after Türkiye approved the deal in August 2024.

Once the agreement enters into force, it is expected to eliminate or reduce tariffs on around 90% of bilateral trade, providing broader market access for businesses in both countries and facilitating the movement of goods.

Trade and investment expected to grow

The FTA is designed to deepen economic ties by promoting trade, encouraging investment and strengthening commercial cooperation across a range of sectors.

Ukrainian officials described the ratification as an important milestone in bilateral relations, expressing confidence that the agreement will help increase trade volumes and contribute to regional economic integration.

Tariffs to be phased out

Under the agreement, customs duties on a wide range of goods will be gradually abolished in accordance with the implementation schedule agreed by both sides.

The deal is expected to create more favorable conditions for exporters and investors while supporting long-term economic cooperation between Türkiye and Ukraine. (ILKHA)