The Ukrainian government has agreed with Turkey to redouble efforts during 2010 to establish a free trade area, and has announced the establishment of a new joint economic commission.
The meeting, held on December 30, between the Turkish Ambassador to the Ukraine, Ahmet Bulent Merich, and the Ukrainian Minister for Economic Affairs, Bohdan Danylyshyn, outlined a comprehensive action plan for enhancing economic and investment cooperation in 2010.
At the meeting, Danylyshyn announced the creation of an Intergovernmental Ukraine-Turkish commission on trade and economic cooperation, which will begin, in the first half of 2010, negotiating the free trade pact and discussing how to further facilitate joint ventures between the countries’ businesses.
Merich expressed hope that “the conclusion of a free trade pact between the two complementary economies could increase bilateral trade and investment two-fold”.
Merich went on to note that the number of entrepreneurs investing in the respective countries had increased markedly already, with 587 Ukrainian companies with investments worth more than USD137.7m in Turkey, and investments worth USD200m from Turkish countries operating in the Ukraine.
In the first 10 months of 2009, trade between the two countries amounted to USD2.42bn.
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