Ukraine approves draft agreement on free trade area with Turkey

Ukraine's Cabinet of Ministers of Ukraine has approved a draft agreement on a free trade area (FTA) with Turkey during a meeting of government members, Report informs.

The decree published on the website of the country's Cabinet reads that the FTA agreement with Turkey will promote trade between the two countries, increase exports, create new jobs, ensure transfer of technology and exchange of experience.

Earlier, Prime Minister of Ukraine Denys Shmyhal said that the signing of an FTA agreement with Turkey is scheduled for February 3 during Turkish President Tayyip Erdogan’s visit to Kyiv. Negotiations to expand business cooperation are planned as part of the visit.

The parties previously agreed to complete negotiations on the creation of a free trade zone by the end of 2016, in 2017, before the end of 2019. However, the process was delayed due to inconsistencies in tariff issues. Kyiv said that the agreement on a free trade zone with Turkey is of no significance as long as the duties on agricultural products are in place.

In addition, three more agreements with Turkey were approved at the meeting, in particular, on cooperation in the field of high technologies, the aviation and space industry, in the field of youth policy and on strengthening cooperation between law enforcement agencies.