According to the law published in Turkey’s official gazette, the free trade agreement (FTA) signed by Turkey and Ukraine in Kiev on February 3, 2022, has been approved and has come into force. In addition, Recep Tayyip Erdoğan, president of Turkey, has the authority to directly approve changes to the annexes of the agreement.
With the FTA, Turkey will impose zero percent duties for 95 percent of all goods exported by Ukraine and will impose reduced duty rates and quotas for the remainder, as SteelOrbis previously reported. The agreement aims to increase the trade turnover between the countries from $7.3 billion to $10 billion annually. Looking at the effects of the agreement on the steel industry, some products such as flats, wire rod and rebar will be subject to a quota volume (still subject to certain duty rates), while others including semis will see reductions from the current duty rates.
