Ankara, Lonton to negotiate landmark free trade deal to include more sectors
While the trade ties between the U.K. and Turkey continue at full speed, the landmark free trade agreement is planned to be renegotiated to include more sectors in the next two years.
The U.K. officially quit the EU after 47 years of membership on Jan. 31, 2020, as the 27 members of the bloc approved the Brexit deal on Nov. 25, 2018.
On Dec. 24 last year, the U.K. reached a post-Brexit trade agreement with the EU in a bid to prevent commercial losses after the divorce.
A few days later on Dec. 29, the country signed a historic free trade agreement with Turkey.
According to the Turkish Statistical Institute, Turkey's exports to the U.K. rose by 28% year-on-year to $9.7 billion in January-September, while its imports from the country increased by 4.5% to $4.2 billion in the same period.
Brexit has not affected the U.K.'s trade relations with Turkey thanks to the historic free trade agreements, Chris Gaunt, chairman of the British Chamber of Commerce in Turkey (BCCT) said.
He pointed out that the deal has a clause to enhance and improve the free trade agreements.
"So there's the opportunity within the next two years to renegotiate the free trade agreements between Turkey and U.K. to include more sectors and give more opportunity for both Turkish companies and U.K. companies."
Agriculture, pharmaceuticals, technology, and financial services are areas that offer great potential for both countries, he said.
"Hopefully, we can start to include these in the new free trade agreement negotiations," Gaunt expressed.
The trade ministers of the two countries will meet in the next six to eight months to start the renegotiation process, he stated.
The technology sector in Turkey is growing very quickly,...
- Log in to post comments