Ukraine, Turkey sign free trade agreement-Xinhua

Ukraine, Turkey sign free trade agreement

Source: Xinhua| 2022-02-04 01:26:15|Editor: huaxia

KIEV, Feb. 3 (Xinhua) -- Ukraine and Turkey signed a free trade agreement on Thursday during a visit of Turkish President Recep Tayyip Erdogan to Kiev, the Interfax-Ukraine news agency reported.

The deal was signed by Ukrainian Prime Minister Denys Shmygal and Turkish Trade Minister Mehmet Mus in the presence of Erdogan and Ukrainian President Volodymyr Zelensky.

The deal would cancel import duties on 10,377 commodities or 95 percent of the Ukrainian exports. Besides, it would reduce duties on 1,348 other goods traded between the sides.

The pact is aimed at boosting bilateral trade to 10 billion U.S. dollars from some 7.4 billion dollars in 2021.

According to Ukrainian government estimates, the agreement could add about 2 percent to Ukraine's gross domestic product annually.

Ukraine and Turkey have agreed they could revise the free trade deal within 2 years.

The trade between the two countries covers steel, the shipping industry, yachts and services, air conditioning, furniture, automotive industry, tobacco, fresh fruit and vegetable products, and defense industry.

Last year, the trade between Ukraine and Turkey increased by about 52.2 percent, according to Ukraine's customs service.

Erdogan arrived in Kiev earlier in the day for an official visit.