Türkiye, UK to launch groundbreaking free trade deal talks

Türkiye and the United Kingdom are expected to start discussions on a new, modernized free trade agreement to further strengthen the already-booming trade ties, worth £23.5 billion ($30.7 billion), according to the British Consulate-General’s Department for Business and Trade.

The new agreement will succeed the current UK-Türkiye Free Trade Agreement (FTA), which went into effect when Britain formally left the European Union in January 2021, to keep up the existing flow of goods, Daily Sabah reports.

That deal did not cover services, digital and data, but was considered as the most important trade deal since its 1995 Customs Union with the EU.

“The announcement follows a call between UK Business and Trade Secretary Kemi Badenoch and Turkish Minister for Trade Ömer Bolat last week, where they committed to negotiating a new deal and deepening the trade relationship between the two countries,” the consulate said in a statement.

The joint committee between the two countries is expected to hold a meeting in the capital Ankara on Tuesday to launch work on the agreement, the statement added.

“Türkiye is an important trading partner for the UK and this deal is the latest example of how we are using our status as an independent trading nation post-Brexit to negotiate deals that are tailored to the UK’s economic strengths,” UK Business and Trade Secretary Kemi Badenoch said. She added that she is looking forward to further enhancing the trade ties between the two countries and driving economic growth.

The brand-new deal is expected to cover crucial areas, such as digital trade and services, in order to better address the contemporary economies of both countries.

The UK’s exports minister Lord Offord is expected to visit Türkiye later in July and meet with businesses and relevant parties to talk about investment and export opportunities.

The UK’s Trade Commissioner to Türkiye Kenan Poleo said that the new FTA would be a “unique opportunity” to cover new areas for the benefit of Turkish and UK businesses.

Meanwhile, UK Ambassador to Türkiye Jill Morris said that the two countries are natural partners and allies and that the announcement is an example of the “ongoing strength of that relationship.”