Azernews.Az

By Gunay Hasanova

Turkey and Ukraine seek to advance in talks on free trade agreement, the signing of which can give an impulse for deepening trade ties between the two countries.

The issue was discussed as President of Ukraine Petro Poroshenko had a telephone conversation with Turkish President Recep Tayyip Erdogan on October 27, according to the Ukrainian president’s press service.

The presidents agreed to step up negotiations on a free trade area and discussed the procedure for further contacts at the highest level.

President Poroshenko also informed the Turkish leader on the increase of the period of a visa-free stay for Turkish citizens in Ukraine from 60 to 90 days during the 180-day period. A similar decision with regard to Ukrainian citizens was taken by the Turkish Government earlier.

Poroshenko called this an important step in the development of interpersonal relations and economic ties between the two countries.

The two countries signed an Agreement on the Mutual Abolition of Visas intending to further improve interpersonal relations, business ties and strengthen tourism sectors, which came into force from August 2012.

Turkey is one of the most important trade partners of Ukraine, while the country ranked the 5th among Ukraine’s trade partners in the first half of 2016.

Over the past years, Turkish investment in Ukraine increased especially in the telecommunications sector, while the country is also an important market for Turkish construction companies. The total value of construction investments completed by Turkey in Ukraine exceeds $5 billion.

The trade turnover between Ukraine and Turkey exceeded $2 billion since early 2016, including $1.4 billion worth of exports and $667 million worth of imports, according to the official statistics.

The major items of export from Turkey to Ukraine are citric fruits, petrochemical products, motor vehicles, plastics and plastic items, electrical technical equipment and electric appliances. The major items of imports are iron, products of plain steel, hot-rolled iron and steel products, aluminum and wheat.

Previously, during a meeting in Ankara, President Erdogan and President Poroshenko announced an ambitious plan to increase the trade turnover between the two countries to $ 20 billion by 2020.

Diplomatic relations between Turkey and Ukraine were established following the signing of a protocol on 3 February 1992, shortly after Ukraine’s declaration of independence.

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Gunay Hasanova is AzerNews’ staff journalist, follow her on Twitter: @gunhasanova

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