The Free Trade Agreement between Moldova and Turkey takes effect on November 1. The document envisions the promotion of reciprocal trade, development of economic relations, elimination of barriers to trade and extension of commercial exchanges, IPN reports, quoting the Ministry of Economy.

“Overall, the Republic of Moldova and Turkey will eliminate 99.5% and, respectively, 100% of the taxes with commercial value. The elimination of taxes will enable the Moldovan exporters to annually save large sums owing to the lower customs duties imposed by Turkey,” said Mihaela Gorban, head of the Ministry’s General International Cooperation Division.

When the accord takes effect, all the import duties and any other tax with equivalent effect will be annulled, except for industrial goods made in Turkey, such as clothes, furniture and plastic products, for which Moldova asked for transaction periods of three to seven years.

According to official statistics, Moldova’s exports to Turkey during the first seven months of this year totaled US$ 39.6 million (3.7% of the national exports), by 7% more compared with the same period of 2015. Imports from Turkey in the first half of this year amounted to US$152 million, a decrease of 13.7% compared with the corresponding period last year.