The Cabinet of Ministers approved the ratification of the free trade agreement with Turkey, which was signed back in February 2022. This was reported by the press service of the Ministry of Economy.
► Read page “Ministry of Finance” on Facebook: main financial news
The agreement provides, in particular, for Turkey to abolish import duties on about 93.4% of industrial goods and 7.6% of agricultural goods. At the end of the transition period of 3-7 years, Turkey will abolish import duties for another 1.5% of industrial goods and 28.5% of agricultural goods.
Ukraine, for its part, will abolish import duties on about 56% of industrial goods and 11.5% of agricultural goods. After the end of the transition periods (2−5 years for industrial goods, 2−10 years for agricultural goods), Ukraine will abolish import duties for another 43.2% of industrial goods and 53.7% of agricultural goods.
In general, the provisions of the agreement cover trade in goods and services, application of the provisions of the Pan-Euro-Med Convention to determine the origin of goods, intellectual property rights, application of sanitary and phytosanitary measures, abolition of technical barriers to trade, e-commerce, customs cooperation, commercial presence of enterprises , as well as the application of protective measures.
What's next
In the future, the bill will be aimed at ratification by the Verkhovna Rada of Ukraine. After ratification by the parliaments of the countries, the agreement will come into force 2 months after receiving confirmation of the completion of internal state procedures of the last of the parties.
Recall
On February 3, 2022, the free trade agreement was signed by the Prime Minister of Ukraine Denis Shmygal and Turkish Trade Minister Mehmet Mush.