The Free Trade Agreement between Moldova and Turkey came into force on November 1, 2016. Thus, Moldova and Turkey will eliminate 99.5% and, respectively, 100% of the taxes with commercial value. The agreement will offer unlimited access, without tariff restrictions, to the import of agricultural and industrial goods into Turkey and will lead to the elimination of customs duties. It will also enable to apply diagonal accumulation of origin (for industrial goods) within the PanEuroMed system, IPN reports.
Minister of Economy Octavian Calmac said the signing of a free trade agreement with Turkey was a first experience for the Republic of Moldova. Bilateral talks on such agreements are to be opened soon with Egypt and China.
It is anticipated that the elimination of taxes will enable the Moldovan exporters to annually save large sums of money. The accord envisions gradual liberalization for the most sensitive sectors of the economy, providing also a series of commercial protection instruments, in accordance with the international practices.
Starting with November 1, 2016, all the import customs duties and any tax with equivalent effect imposed on industrial goods will be annulled, except for industrial goods made in Turkey, such as clothes, furniture and plastic products, for which Moldova asked for a transition period of three to five years.
The Free Trade Agreement between Moldova and Turkey was signed in Chisinau on September 11, 2014.
