Turkey and Ukraine are two countries that have been discussing the possibility of a free trade agreement for nearly a decade. Finally, in early 2021, the two countries signed a deal that will help to strengthen their economic ties and promote trade between them.
The free trade agreement will eliminate tariffs on a wide range of goods and services, including agricultural products, industrial goods, and energy. This will allow businesses in both countries to access new markets, increase their exports, and help to spur economic growth.
For Turkey, the free trade agreement with Ukraine is an important step in diversifying its trade partners. In recent years, Turkey has been looking to expand its economic ties with other countries, particularly in Eastern Europe and Central Asia, as it seeks to reduce its dependence on traditional trade partners such as the European Union and the United States.
Ukraine, on the other hand, is looking to strengthen its economic ties with other countries in the region as it seeks to rebuild its economy after years of political turmoil and conflict. The free trade agreement with Turkey is expected to open up new opportunities for Ukrainian businesses to export their products and services to Turkey, which is a rapidly growing market.
The free trade agreement between Turkey and Ukraine is also expected to have a positive impact on the wider region. As the two countries increase their trade ties, other countries in the region are likely to follow suit, creating a more integrated and connected economic environment.
The free trade agreement is also expected to have positive implications for the wider global economy. By promoting trade between two important trading partners, the deal could help to boost economic growth and create new jobs in both countries. It could also help to reduce trade tensions and promote stability in the region.
In conclusion, the free trade agreement between Turkey and Ukraine is a significant step forward in strengthening economic ties between the two countries. It is expected to create new opportunities for businesses, promote economic growth, and help to build a more integrated and connected regional economy. As such, it is worth watching this agreement closely to see what benefits it brings to both Turkey and Ukraine in the years to come.