NEWS

On July 14 the Ukrainian parliament ratified the free trade agreement with Turkey.
The sides have been negotiating the agreement since 2007. Balancing Ukraine’s interest in gaining access to Turkey’s heavily protected agricultural market with Turkey’s push to export more industrial goods to Ukraine was the central challenge. Heightened competition was what producers in sensitive sectors on both sides feared.
According to the agreement, Turkey will immediately eliminate tariffs on 93.4 percent of Ukrainian industrial goods and 7.6 percent of agricultural products. It will also remove tariffs on an additional 1.5 percent and 28.5 percent, respectively, over the next three to seven years.
From its side, Ukraine will lift tariffs on 56 percent of Turkish industrial goods and 11.5 percent of agricultural products. Then, tariffs on an additional 43.2 percent and 53.7 percent over transition periods of up to five years for industry and ten years for agriculture will be phased out.
In general, the main goal of the free trade agreement is to expand bilateral commerce toward the $10 billion target. The Ukrainian Ministry of Economy reports that bilateral trade reached $8 billion in 2025. Ukrainian exports totaling $2.7 billion makes Turkey Ukraine’s third-largest trading partner and second-largest export market. Though Ukraine has traditionally maintained a trade surplus with Turkey, Ukrainian exports have declined. Meanwhile, imports of Turkish machinery, vehicles, fuel, equipment, and construction materials increased.
Now, approximately 77 percent of Ukrainian exports to Turkey account for grain and sunflower oil. Turkish companies process much of this production into higher-value products, such as flour and consumer foods. Then, they sell it domestically or re-export to third markets. As a result, Turkey generates much of the added value rather than Ukraine.
The new framework improves access for processed foods, feed concentrates, and
more deeply processed oil products, while many Ukrainian commodities already enter Turkey at low or zero rates.
However, high competitiveness of Turkish textile, machinery, fruit, and vegetable producers makes their Ukrainian counterparts face high energy costs, and labor shortages. The agreement’s formal scope doesn’t include defense cooperation, but the agreement’s ratification means mutual trust. A more predictable environment for investment, component supply chains, joint production, and access to third-country markets also appears.
As Ankara has also indicated, it is ready to contribute to future security guarantees for Ukraine as its maritime component alongside NATO allies.
However, Ukrainian and Turkish interests don’t always coincide. From its side, Kyiv expects partners to increase economic pressure on Russia. Meanwhile, Ankara, tries to avoid further military escalation in the Black Sea. In case of proper implementation, the ratification of the free trade agreement marks yet another step in bringing Kyiv and Ankara closer together.
NH Logistics UKR has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Ukraine and Eurasia, supporting many clients with their import/export shipments.

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A pilot electronic exchange of international road transport permits between Kazakhstan and Georgia comes into force from July 22, 2026. It is a major step toward the digitalization of cross-border freight operations. As Kazinform reports, the sides reached the agreement during a meeting of the Kazakhstan-Georgia Joint Commission on International Road Transport in Astana. According to the initiative, Georgia and Kazakhstan will issue and exchange transport permits through the e-Permit digital platform on a trial basis. They expect the system to streamline administrative procedures, enhance transparency, and accelerate the processing of freight transport
documents. The introduction of an unlimited permit regime once the transition to fully electronic document exchange is completed is also in plans. The growing volume of bilateral and transit cargo transportation showed the strategic roles of the two countries in key international transport corridors. Kazakhstan and Georgia agreed to exchange an additional 6,000 transport permits for 2026 to support rising demand. The countries also approved a preliminary quota of 20,500 permits for 2027. It will be 6,000 permits more compared to the previous period. The aim is to open new opportunities for freight carriers, strengthen regional logistics connectivity, and deepen trade and economic cooperation between Kazakhstan and Georgia.
NH Logistics GEO has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Georgia and Eurasia, supporting many clients with their import/export shipments.

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Berlin increases imports of Ukrainian food products, which makes trade ties between Ukraine and Germany stronger. For example, honey exports grew by 15.8% year-on-year in the first half of 2026 and brought Ukraine $61.65 million. Nevertheless, export volumes fell to 17,700 tons (a 27.5% decline).
26.71% of export revenue from honey exports accounted for Germany. Then followed France (20.31%) and Poland (11.18%).
Also, exports of Ukrainian pasta and couscous increased in the 2025/2026 marketing year by about 130% compared with the previous season (29,500 tons). Again, 6,400 tons, or 21.6% of Ukraine’s total exports of pasta and couscous, went to Germany.
The second buyer, Moldova, imported 3,000 tons, or 16.9%. Then followed the United Kingdom with 2,700 tons, or 9%. Romania and Latvia imported 2,600 tons and 2,300 tons, respectively.
According to the data, Germany is becoming an increasingly important market for Ukrainian food exporters. It supports the diversification of Ukraine’s agricultural and processed-food exports into the EU.
NH Logistics UKR has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Ukraine and Eurasia, supporting many clients with their import/export shipments.

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According to Fitch Ratings, Serbia got BB+ credit rating with a positive outlook for its upgrade to investment grade for the fourth consecutive time.
Fitch explains Serbia’s credit rating by a stable mix of economic policies, a commitment to maintaining exchange rate stability, responsible fiscal management. High foreign exchange reserves and a higher gross domestic product per capita compared to countries with the same rating are also important.
Expectations of accelerated economic growth, fuelled by investments, stabilization of public debt at a relatively low level, and the economy’s resilience to external shocks are also basis for the positive outlook.
According to Fitch, Serbia’s economic growth accelerated in early 2026 and will remain stable due to the completion of projects from the “Leap into the Future” program. The holding of the EXPO 2027 international exhibition will be an additional impetus to growth in 2027.
Fitch expects economic growth to stabilize at around 3.5 percent per year. Also, gross domestic product per capita, expressed in dollars, would grow by about 50 percent between 2024 and 2028.
As Fitch estimates, Serbia’s current account deficit attained only 0.4 percent of projected GDP in the first four months. A smaller trade deficit, strong exports, especially in the automotive industry, a larger surplus in the exchange of services and an increase in remittance contributed to this.
A current account deficit of 4.5 percent of GDP is less than the 4.9 percent recorded the previous year, despite higher energy prices. They expect higher exports of tourism services related to the EXPO 2027 to cause a further decline in 2027.
As the agency estimates, net foreign direct investment inflows will stabilize at just below 3 percent of GDP in the period from 2026 to 2028.
As Fitch expects, Serbia’s fiscal policy will remain responsible despite the potential upcoming election cycle. The agency estimates the fiscal deficit in 2026 at 3 percent of GDP, despite support measures for vulnerable groups and pensioners worth around 0.6 percent of GDP.
As the report shows, higher fiscal measures will cover these revenues. Meanwhile, they expect the fiscal deficit to decrease to 2.5 percent of GDP by 2028. This is in line with the goals defined in the arrangement with the International Monetary Fund.
NH Logistics SER has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Serbia and Eurasia, supporting many clients with their import/export shipments.

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