New Memorandum on Collaboration and Commerce

by Olha Povaliaieva
Thursday, January 13, 2022
New Memorandum on Collaboration and Commerce

An export-commodity agreement between Ukraine and Turkey

Ukrainian head of Ukraine, Volodymyr Zelenskyy, and president of Turkey Recep Tayyip Erdoğan have concluded an export-commodity treaty. The official export credit agency of Ukraine continues to support exports in exporting various goods countries. At the beginning of the working week, the heads of the two countries, Ukraine and Turkey, signed a memorandum on the advancement of mutual exports. The treaty's objective is to raise exports of goods and continue to enhance relations between countries. The treaty:

  • Defines the principles of cooperation;
  • Creates a single mechanism for the implementation of common projects;
  • It covers trade indicators.

It should be noted that bilateral trade is already strong. But after the signing of the memorandum, the volume of trade is expected to increase several times.

"Ukrainian products should be more widely represented abroad. We must improve free trade deals with the European Union, Canada, and Israel. We’ll finalize, very believe it, with Turkey — at the beginning of the year. There is also a need to push forward liberalizing trade with the US, Japan, as well as other trading partners," said the head of Ukraine.

The president of Ukraine now awaits the next stage. As early as December 2021, Volodymyr Zelenskyy focused on the free trade association of Ukraine and Turkey. It is expected that this issue will be addressed during Recep Tayyip’s visit to Ukraine in 2022. The most important point that will lead to the conclusion of the agreement is commerce items and their mutual harmonization.

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