The Cabinet approved the bill to ratify the Free Trade Agreement between Moldova and Turkey, which was signed on September 11, 2014, and will submit it to Parliament, IPN reports.

According to the Ministry of Economy, the accord will contribute to developing harmonious economic relations between the signatory countries by establishing loyal competition in the bilateral trade. Through this agreement, Moldova hopes to continue to attract investments from Turkey to its economy.

The accord will take effect on the first day of the second month of the date when the sides exchange written notifications confirming that the internal ratification procedures were completed.

In meetings of Turkish and Moldovan officials earlier, it was noted that the agreement will take effect in the near future. In 2014, trade between Moldova and Turkey amounted to US$370 million. The figure is projected to be raised to US$1 billion over the next few years. In Moldova there are over 970 joint companies with Turkish capital. Turkey ranks among the top ten countries investing in Moldova.