Trade chiefs hail closer ties ahead of Türkiye-UK trade talks
Agency :
British Trade Minister Kemi Badenoch arrived in Istanbul on Friday to meet her Turkish counterpart Ömer Bolat to strengthen business links ahead of the expected launch of talks on a new free trade deal later this year.
Both Britain and Türkiye have agreed there is room to broaden the scope of their current free trade agreement, which was rolled over when Britain left the European Union.
Bolat said the ministries of both countries are currently conducting internal negotiations to develop and expand the deal into new areas. Their existing trade agreement covers goods but not services, digital or data.
“We hope to initiate negotiations to enhance the Türkiye-U.K. free trade agreement in new areas within 2024, he told the 7th Türkiye-U.K. Economic and Trade Joint Committee (JETCO) meeting.
Badenoch emphasized the opportunities for developing trade and investment partnerships between the two countries. She noted that trade between Türkiye and the United Kingdom had doubled in the past decade, and there is potential for further growth.
“I’m delighted to be here to try to unlock more U.K.-Türkiye trade ahead of talks on a 21st century trade deal later this year,” she said, noting Britain’s services sector in particular could benefit from any new agreement.
“There are significant opportunities in both countries to create employment, increase productivity, and foster growth for individuals and businesses,” she noted.
Bilateral trade between Türkiye and the U.K. was up more than 17% to 26.2 billion pounds (about $33.16 billion) in the 12 months to June 2023, according to the British Consulate-General in Istanbul.
It makes Türkiye the 17th largest trading partner for the U.K.
Total U.K. imports from Türkiye amounted to 16.1 billion pounds in the four quarters to the end of the second quarter of 2023.
“With its major economy and strategic position – where Europe, the Middle East and Asia meet – Türkiye presents huge opportunities for U.K. businesses,” said Badenoch.
“I’m excited to start discussions on ensuring our new trading relationship with Türkiye unlocks those opportunities.”
Britain is in advanced talks with India on a new free trade deal, and its Trade Ministry said it wished to progress talks on services-focused trade deals with Switzerland, Mexico and South Korea as well as Türkiye in 2024.
New protocol, action plan
