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UK and Turkey Sign Free Trade Agreement

The United Kingdom and Turkey have announced that they have agreed to a new trade deal that will ensure continuity of their economic relationship after Brexit. The agreement, signed on December 29, 2020, will eliminate tariffs on goods traded between the two countries and facilitate investment, services, and digital commerce.

According to the UK government, the deal will secure preferential access for key sectors such as automotive, food and drink, and pharmaceuticals. UK exporters will be able to sell more products duty-free to Turkey, which is a growing market for British goods, particularly in the areas of machinery, automotive parts, iron and steel, and chemicals. Turkish businesses will also benefit from increased access to the UK market, especially in textiles, clothing, and agriculture.

The UK-Turkey Free Trade Agreement is expected to boost bilateral trade by £1.3 billion ($1.7 billion) annually and support thousands of jobs in both countries. It will also deepen the strategic partnership between the UK and Turkey, which share common interests in security, defense, energy, and culture. The deal includes provisions on intellectual property, sanitary and phytosanitary measures, and dispute resolution.

The signing of the UK-Turkey deal follows the recent conclusion of the UK-Japan Comprehensive Economic Partnership Agreement, which was the first major trade deal signed by the UK as an independent trading nation. The UK is also seeking to negotiate free trade agreements with other countries, including the United States, Canada, Australia, and New Zealand.

The UK-Turkey Free Trade Agreement has been welcomed by business groups, including the Confederation of British Industry and the Turkish Exporters` Assembly, as well as by politicians from both countries. The UK International Trade Secretary Liz Truss said: „This deal reflects the UK`s commitment to secure ambitious trade agreements with our global partners that create opportunities for businesses, boost investment, and deliver more jobs and higher wages for people across the country.“

The Turkey Trade Minister Ruhsar Pekcan said: „This agreement is a historic step in our bilateral relations with the United Kingdom, which is one of our major trade partners. It will strengthen our economic ties and provide a solid framework for our future cooperation.“ Turkey is the world`s 19th-largest economy and a member of the G20, while the UK is the world`s fifth-largest economy and a major player in international trade.

The UK-Turkey Free Trade Agreement will enter into force on January 1, 2021, when the Brexit transition period ends. It will replace the existing EU-Turkey Customs Union, which has been in place since 1996 and covers about €140 billion ($171 billion) of bilateral trade. The UK and Turkey have agreed to continue cooperating with the EU on trade and regulatory issues, including on rules of origin and customs procedures, to ensure continuity of supply chains and avoid disruption.