UK and Turkiye to Begin Negotiations on New Free Trade Agreement
In a move to strengthen their trade relationship, the UK and Turkiye are set to launch negotiations on a new Free Trade Agreement. This new deal will not only cover goods but also include services, aiming to further enhance economic ties between the two nations.
Building on Existing FTA
Despite already having a Free Trade Agreement in place with Turkiye, which was carried over from the EU, both countries have recognized the need for a more modernized and improved deal. A review conducted last year highlighted the potential for enhancing the existing agreement.
Opportunities for Growth
Trade Secretary Kemi Badenoch expressed optimism about the prospects of a new trade deal, emphasizing the potential benefits for the services sector. She believes that a new agreement could provide a competitive edge for British businesses in the Turkish market, leading to job creation across the UK.
Upcoming Negotiations
The first round of negotiations between the UK and Turkiye is expected to take place this summer, with both sides keen on reaching a mutually beneficial agreement. As NATO allies, the two countries are looking to strengthen their economic partnership through this new trade deal.
Expanding Access and Opportunities
If successful, the Free Trade Agreement could open up avenues for British consumers to access Turkish goods like bulgur wheat and tomatoes, while also creating opportunities for British firms to export services to Turkiye. This agreement is part of the UK’s broader trade discussions with countries like India, the Gulf Cooperation Council, and South Korea.
Conversely, talks on a new Free Trade Agreement with Canada were put on hold earlier this year due to disagreements over agricultural barriers. Nonetheless, the UK remains committed to expanding its trade relationships globally.