The UK and Turkey have announced their intention to initiate discussions on an updated free trade agreement (FTA). The proposed deal would replace the existing UK-Turkey FTA. It was carried over from the UK’s departure from the EU but lacks coverage in key areas of the UK economy. Including services, digital, and data. Given that the UK is the world’s second-largest services exporter, a new agreement could open up trade opportunities and enable UK companies to fully capitalize on this sector, thereby driving economic growth, a top priority for the UK government.
The announcement comes after a recent conversation between UK Business and Trade Secretary Kemi Badenoch and Turkish Minister for Trade Ömer Bolat, during which both officials reaffirmed their commitment to negotiate a new deal and strengthen the trade relationship between the two nations.
To formally conclude the review of the current agreement and proceed with renegotiating the Free Trade Agreement. The UK-Turkey Joint Committee, which includes the UK’s Chief Negotiator and officials from both sides, will convene in Ankara. The committee’s primary responsibility is to oversee the implementation of the existing agreement.
UK-Turkey trade relationship
Highlighting the significance of the UK-Turkey trade relationship, Business and Trade Secretary Kemi Badenoch emphasised that this agreement exemplifies how the UK, as an independent trading nation following Brexit. Moreover, leveraging its status to negotiate deals that align with the UK’s economic strengths.
The updated free trade agreement between the UK and Turkey holds the potential to deepen economic ties and foster increased bilateral trade. It is expected to address the gaps left by the current agreement. Providing a framework that encompasses a broader range of sectors and facilitates greater opportunities for both countries.
As negotiations commence, stakeholders in the UK and Turkey eagerly await the outcome of these talks. These talks have the potential to further enhance economic cooperation and shared prosperity between the two nations.
