In an announcement made on Thursday, both the United Kingdom and Turkey declared their intent to commence negotiations for an enhanced Free Trade Agreement (FTA), encompassing not only goods but also services.
While the UK already maintains an FTA with Turkey, inherited post its departure from the European Union in 2020, a joint review conducted last year identified areas ripe for enhancement.
British Trade Secretary Kemi Badenoch emphasized the potential for a revitalized trade deal to bolster the existing robust trade relationship. Badenoch remarked that an updated agreement could provide a competitive advantage for the UK’s services sector, potentially fostering job creation nationwide.
The Turkish trade ministry echoed similar sentiments, noting that negotiations, scheduled to kick off on June 10 in London, would center on broadening the scope of the agreement to include services, investments, and additional agricultural incentives, along with establishing comprehensive regulations.
Highlighting the economic significance, the ministry stressed that an updated FTA would lay down a stronger legal framework for businesses in both nations, thereby fostering economic cooperation across various domains.
As per Turkish Trade Ministry data, bilateral trade between Turkey and Britain amounted to $19 billion in 2023. The anticipated agreement could pave the way for increased access to Turkish products for British consumers, spanning items like bulgur wheat and tomatoes, while also unlocking avenues for British service industry exports.
Amidst ongoing negotiations, the UK is actively engaging in trade discussions with various nations, including India, the Gulf Cooperation Council (GCC), and South Korea. However, talks for a new FTA with Canada were recently halted due to disagreements over agricultural trade barriers.
#ITCNewsUpdate #TradeTalks #UKTurkeyFTA #BilateralTrade #SupplyChain #Negotiations #InternationalTradeCouncil