According to the Cabinet of Ministers, Turkey is among Ukraine's top five trading partners. After the ratification of the agreement, tariffs on a significant number of Ukrainian goods, including 93% of industrial products, will be lifted.
According to the International Trade Center (ITC), the import of fittings for furniture, door, stairs, etc and door closers (product group 8302) from Turkey amounted to:
- nearly $17 million in 2021;
- $9.5 million in 2022;
- over $11 million in 2023.
Machines for processing rubber or plastics or for the manufacture of products from these materials (code 847780), which include equipment for the production of PVC windows and doors, were imported:
- $858,000 in 2021,
- $345,000 in 2022,
- $90,000 in 2023.
Turkish drilling, milling, and cutting machines (8459), including equipment for the production of aluminum windows and doors, were imported:
- $295,000 in 2021,
- $51,000 in 2022,
- $263,000 in 2023.
In 2023, Ukraine exported to Turkey mostly fats and oils, grains, seeds, iron, and wood.
The draft law on the ratification of the Free Trade Agreement between Ukraine and Turkey was approved by the Cabinet of Ministers on May 7, 2024. It now needs to be ratified by the Verkhovna Rada of Ukraine.
The Free Trade Agreement will come into force after ratification by the parliaments of both countries and the exchange of ratification instruments.
