'Turkey-Ukraine trade volume jumped 50% to $5B'

KYIV, Ukraine

Trade between Turkey and Ukraine climbed by 50% between January and September this year to $5 billion, Ukraine’s economy minister said on Friday.

In the first nine months of 2021, Turkey ranked fifth in the list of Ukraine’s largest trade partners, behind China, Poland, Germany and Russia, Yulia Svyrydenko told Anadolu Agency in an interview.

She said the two sides are keen to boost their bilateral trade to $10 billion, and discussed various ways to enhance cooperation in areas ranging from tourism to energy during the 12th Ukraine-Turkey Intergovernmental Trade Commission Meeting.

Investment cooperation between the countries is “at a fairly low level,” but it definitely picked up in the second half of 2021, she added.

Trade deal

Kyiv wants a free trade agreement (FTA) with Ankara that takes into account the interests of all sectors of Ukraine’s economy, Svyrydenko said, adding that the two countries have held 11 rounds of formal talks on the matter since 2011.

“Currently, our negotiations on the FTA are continuing in the format of additional consultations, through which we can agree on positions to move the process forward,” she explained.

Pointing out that Ukrainian businesses have well-founded fears about opening a market with Turkey, she added: “But there are more requests for access to the Turkish market than for protection from Turkish goods coming into Ukraine.”

*Writing by Aysu Bicer in Ankara