Turkey expects an increase in bilateral trade volume with Ukraine after the entry into force of the Free Trade Agreement.

One expert believes that with the Free Trade Agreement between Turkey and Ukraine going into effect, bilateral trade volume will increase from $6.1B in 2023 to $10B quickly, and logistical movements will become much easier. Tax rebates will also be applied to some sensitive agricultural and metallurgical products for Turkey.

According to ASSET GLI, the agreement will contribute to mutual investment and strengthen the role of Turkish companies in the region, particularly in transport, construction, pharmaceuticals, tourism, and textiles. The new bilateral trade agreement will eliminate customs barriers and a new market will open for products originating in Turkey.

Over the past five years, Ukraine has become an important region for Turkish investors, who are also considering taking part in Ukraine’s reconstruction after the war.