As one of the most severely affected countries by the 2008
global crisis, Ukraine's total trade volume has significantly
decreased. Turkey's trade volume with Ukraine dropped almost
50%, from USD 8.2 billion to USD 4.1 billion in 2009. However,
Ukraine still plays a significant role in Turkey's
international trade. Ukraine ranked 14th among Turkey's most
preferred import destinations in 2013. In the same year, the ratio
of Turkey's imports from Ukraine was approximately 1.8% of its
total import. According to the Turkish Statistics Institute,
imports from Ukraine reached USD 4.5 billion in 2013. The largest
import category is iron & steel products. Despite the 2008
global crisis, exports to Ukraine increased by approximately 120%
in four years and were around USD 2.19 billion in 2013. The largest
export categories are textiles and agricultural products.
Approximately 700 companies with Turkish capital are operating
in Ukraine. Since the independence of Ukraine, Turkish contractors
were involved in many projects, which in total deal value exceed
USD 3 billion. Most Turkish investors are small and medium-sized
enterprises and they mainly focus on telecommunications, food,
ready-to-wear garments, forestry products, mine, metal and
In order to encourage businesspeople to make investment, on 1
August 2012, both states officially lifted visa requirements. This
facilitated a significant increase, not only in trade but also in
tourism between these two countries. Upon execution of the free
trade agreement, economists expect the trade volume to exceed USD
In November 2014, the 3rd Joint Strategic Planning Group was
summoned in order to review bilateral commercial relations and
potential economic cooperation between the "strategic
partners".2 Although the trade level does not reflect the
exact potential of these two countries, accelerating talks for free
trade agreements and further diplomatic meetings will help grow the
trade volume. Below are some of the major agreements between Turkey
Turkcell, Turkey's largest GSM operator, is the majority
shareholder of the third largest GSM operator (LIFE) of Ukraine.
Aygaz has been cooperating with Chem Oil to establish and operate
an LPG export terminal in Ukraine. In the alcoholic beverages
sector, Efes Pilsen has made an investment in Odessa.
Turkish construction companies have undertaken numerous projects
such as the construction of the Shaktar Donetsk Stadium (ENKA); the
city trade center; various five-star hotels; some major highways;
the Boulevard of Victory; and various crossover road transitions.
In addition, the most luxurious hotel and the tallest building of
Ukraine are being constructed by Turkish construction companies.
Erbek İnşaat has constructed the Yalta Yacht Harbor,
Yalta Pribrejray Bristol Hotel and Adelaide Apart Hotel and carried
out approximately 30 big projects in its 30 year-long presence in
On 7 October 2016 OFAC issued an update to its "Frequently Asked Questions Relating to the Lifting of Certain U.S. Sanctions Under the Joint Comprehensive Plan of Action (JCPOA) on Implementation Day".
Tightened monetary policies leading to limited capital inflow to the securities market, its low liquidity and significant decrease in stock price partly contribute to the low attractiveness of Vietnam's stock exchange.
Unbelievably, the calendar has somehow advanced to September, the month in which we celebrate National Day. For families, it also marks the end of the summer holiday season and the start of the new academic year.
Once the government notifies the European Council that the UK has decided to leave the EU, the two-year period for the negotiation for exit under Article 50 of the Treaty of the European Union will start.
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