Ukraine has officially ratified its Free Trade Agreement (FTA) with Türkiye, paving the way for closer economic ties, expanded export opportunities, and deeper industrial cooperation between the two countries.

The Verkhovna Rada (parliament) approved the ratification on July 14, completing Ukraine's domestic procedures for bringing the agreement into force. The FTA was originally signed in Kyiv on February 3, 2022, The Caspian Post reports via European Pravda.

According to Ukraine's parliament, the agreement is expected to open one of the region's largest markets to Ukrainian businesses while assisting the country to strengthen its export capacity ahead of future European Union membership.

Deputy Prime Minister for European and Euro-Atlantic Integration Taras Kachka said the agreement sends a strong signal for the development of Ukraine's manufacturing and processing industries.

Currently, 77% of Ukraine's exports to Türkiye consist of grain and sunflower oil-mostly raw materials processed in Türkiye. The new agreement removes tariffs on a wide range of value-added products, including processed foods, animal feed concentrates, and higher-value oilseed products, making Ukrainian-made goods more competitive in the Turkish market.

Kachka also highlighted the agreement's European dimension. It incorporates the updated Regional Convention on Pan-Euro-Mediterranean Preferential Rules of Origin, allowing Ukrainian manufacturers to use Turkish materials and components while maintaining preferential origin status for exports to the EU.

Türkiye ratified the Free Trade Agreement with Ukraine on August 2, 2024, and Ukraine's ratification marks the final step toward its implementation, promising stronger trade, investment, and supply chain integration between the two countries.