Negotiating New Horizons: UK and Turkey Revamp Trade Ties
Turkey and the UK have initiated negotiations to modernize their Free Trade Agreement. The discussions, scheduled for end of July, aim to enhance trade ties post-Brexit. Discussions include sections on motor vehicles and chemicals. Both countries plan to hold a joint economic session later in the year.
- Country:
- Turkey
In a significant move toward strengthening bilateral trade relations, Turkey and the United Kingdom have launched negotiations to update and broaden their Free Trade Agreement (FTA), Turkish Trade Minister Omer Bolat announced on Wednesday.
This initiative comes in response to a 2023 review that identified opportunities for improvement since the FTA was carried over following the UK's exit from the European Union in 2020. The initial round of discussions is slated for the end of July, aimed at targeting key sectors like motor vehicles and chemicals.
Bolat, after meeting with UK Secretary of State for Business and Trade Jonathan Reynolds in London, shared that sections of the trade agreement concerning these pivotal industries have already been signed. Furthermore, both nations have agreed to convene the 8th session of the Türkiye–United Kingdom Joint Economic and Trade Committee (JETCO) in London later this year to further evaluate their comprehensive trade relationship.
(With inputs from agencies.)
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