Ukraine aims to conclude free trade zone agreements with Israel and Turkey in 2016

#Ukraine aims to expand its #trade relation with more states. In accordance to such policy, a number of bilateral #free trade zone agreements are aimed to be signed in near future.

Visit our website if you are interested in #doing business in Ukraine or looking for new #investment opportunities.

Following visit of the President of Ukraine to Israel in December 2015, it was announced that the governments of Ukraine and Israel will start negotiating a free trade zone agreement between two countries. The President of Ukraine stated that the free trade zone with Israel is due to operate in the first half of 2016. Also, a number of other important bilateral economic collaboration agreements were signed in the areas of air traffic, employment and education.

In addition, the Deputy Minister of Economic Development and Trade of Ukraine announced that trade delegations of Ukraine and Turkey conducted a meeting in relation to establishment of a free trade zone. The next such meeting will take place in Turkey in January 2016. The Turkish officials stated that a free economic zone might be launched shortly following successful outcome of the upcoming meeting. We note that negotiation on conclusion of the free zone agreement between Ukraine and Turkey has commenced in March 2015. However, recent intensification of such negotiation is partially influenced by the regime of severe economic sanctions imposed by the Russian Federation on goods manufactured or imported from Turkey. Ukrainian market is likely to substitute the Russian market for the Turkish goods.

We note that in November 2015 Ukraine and Canada signed a free trade zone agreement. In addition, a long-awaited EU-Ukrainian free trade zone will be launched on 1 January 2016. However, due to launching of the EU-Ukrainian free trade zone, the Russian Federation has unilaterally terminated the Ukraine-Russia free trade zone as of 1 January 2016.

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