The Cabinet of Ministers of Ukraine approved the draft law on the ratification of the free trade agreement signed with Türkiye. The agreement provides for the abolition of import duties on industrial and agricultural products of both countries. After ratification, the agreement will enter into force within two months.
The agreement provides for the gradual removal of import duties on a large number of goods. Turkey will remove duties on 93,4 % of industrial goods and 7,6 % of agricultural goods, while Ukraine will remove duties on 56 % of industrial goods and 11.5 % of agricultural goods. After transition periods ranging from two to ten years, duties will be abolished for an even larger number of goods.
Thus, after the completion of transition periods of 3-7 years, Türkiye will also remove import duties on 1,5 % of industrial goods and 28,5 % of agricultural goods.
Upon completion of the transition periods (2-5 years for industrial goods and 2-10 years for agricultural goods) Ukraine will abolish import duties on 43,2 % of industrial goods and 53,7 % of agricultural goods.
Earlier, it was announced that additional duties above the maximum level set by Turkey's WTO membership would not be applied to Ukrainian goods. However, there is an exception for metallurgical products for which Ukraine has agreed to increase protective duties on Turkey in exchange for maintaining export duties on scrap metal.
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