Ukraine and Turkey are completing the negotiation process on the creation of a free trade area (FTA), Ukrainian President Viktor Yanukovych said in Ankara on Wednesday following the third meeting of the Ukrainian-Turkish High-Level Strategic Council.

"We are to make a crucial decision on our trade and economic relations – on the signing of an agreement on an FTA agreement… and we are completing the negotiation process," he said, Interfax-Ukraine reported.

The President stressed that the talks were held simultaneously with the preparations for the signing of the EU-Ukraine Association Agreement that is to be signed in late November. "As soon as we sign this agreement, Ukraine and Turkey will work on equal terms," Yanukovych said.

In turn, Turkish Prime Minister Recep Tayyip Erdogan stressed the importance of the creation of a free trade area for both countries. He noted that the document will allow both countries to significantly intensify mutual trade. "We should reach $20 billion in mutual trade by the end of 2015," Erdogan said.

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