This development was highlighted by Vasyl Bodnar, Ukraine's Extraordinary and Plenipotentiary Ambassador to Turkey, in a statement to the Turkish publication Dünya.
Key Highlights
- Trade Turnover Potential: $10 billion per year
- Current Investment: Turkish companies constitute 13.1% of the total number of foreign companies in Ukraine
Statements from Ambassador Vasyl Bodnar Ambassador Bodnar emphasized the significant impact of the FTA, describing it as a historic turning point in Ukraine-Turkey relations. He praised Turkish investors as a "model" for other foreign investors, especially notable given the ongoing war initiated by Russia against Ukraine. Turkish entrepreneurs, he noted, are particularly focused on the development of renewable energy in Ukraine.
Recent Developments
- Meeting in Ankara: Delegations from Ukraine and Turkey met in Ankara last week to prepare for the FTA's implementation.
- Business Forum in Chernivtsi: The first Ukrainian-Turkish business forum was held in Chernivtsi, where business leaders from both countries explored opportunities for bilateral cooperation.
Significance of the Free Trade Agreement The FTA is expected to significantly boost economic relations between Ukraine and Turkey by:
- Increasing Trade Volume: Facilitating the growth of trade turnover to $10 billion annually.
- Encouraging Investment: Attracting more Turkish investments in various sectors, including renewable energy.
- Strengthening Economic Ties: Enhancing overall economic cooperation and development between the two nations.
Conclusion The free trade agreement between Ukraine and Turkey represents a major milestone in their bilateral relations, with the potential to significantly enhance trade and investment. The agreement is not only expected to boost economic growth but also serve as a model for other countries looking to invest in Ukraine despite the challenges posed by the ongoing conflict.
