The UK is a major opportunity for Turkey

A brand new opportunity has emerged for Turkey, which has been waiting at the door for years to join the European Union…

The United Kingdom's departure from the European Union following Brexit has led it to roll up its sleeves for new trade agreements. In this sense, the UK, having discovered that Turkey is a good market, could be a very significant opportunity for Turkey in the near future.

The two countries launched negotiations in March to conclude a comprehensive free trade agreement aimed at taking their relations further in the fields of economy and trade.

The first round of negotiations regarding the free trade agreement between Turkey and the UK will begin in London on June 10. 

Of course, this is the first step. It will take a few years to finalize the agreement. However, if the process is managed correctly after the agreement, great opportunities will arise for Turkey. 

It is a fact that the UK has been experiencing serious supply problems since leaving the European Union. Especially in the food sector…

Due to customs issues, supermarket shelves have often been marked by product shortages since the pandemic. If Turkey can seize this opportunity, it could surpass the Netherlands, which is Europe's warehouse, in the UK market. 

TRADE VOLUME APPROACHES 20 BILLION DOLLARS

The UK is the world's second-largest country in services exports. The US is in first place. 

In 2022, 27 percent of the UK's exports to Turkey took place in this field. According to London, a major increase in services exports to Turkey could be seen thanks to the new agreement. For this reason, the UK attaches great importance to Turkey. 

It was announced that the two countries had a trade volume exceeding 19 billion dollars in 2023. The total value of Turkey's investments in the UK is 4.9 billion dollars, while the total value of the UK's investments in Turkey is 8.6 billion dollars. 

So, what will be in this trade agreement?

In addition to the services sector, the new agreement will be drafted to provide facilities for investments and trade in agricultural products. Furthermore, the new agreement will cover areas such as investment, contracting, technical consultancy services, science, technology, and customs, as well as culture, environment, energy, transport, and the digital economy.

THE IMPORTANCE OF MERIT

Osman Koray Ertaş, who was appointed as Turkey's Ambassador to London in 2022, is making a great effort in this context to establish warm relations with both the business world and institutions in the UK. 

Ertaş explains at every opportunity how beneficial the commercial relationship between the two countries will be with the right strategy. While debates over meritless ambassadors appointed to some countries resonate in public opinion, Ertaş's successful representation does not receive the value it deserves in the Turkish press.

The Ambassador frequently reminds the British public of Turkey's importance not only in the field of trade but also in a strategic sense. 

Most recently, he reminded of this fact once again in an interview he gave to the Journal of Anglo-Turkish Relations, a peer-reviewed journal published twice a year. 

Ambassador Ertaş stated that there are visible changes between Turkey and the United Kingdom, that the two countries have emerged as important non-EU European powers, and that as NATO allies, they can make a real difference for the security and prosperity of the continent. 

In other words, Ertaş is also reminding people of Turkey's political value, which is sometimes forgotten. He manages to keep the fact that Turkey's power within NATO should not be forgotten, even if it is not in the European Union, on the agenda with diplomatic language. 

In the same interview, he reminded that the trade volume between the two countries is approaching 20 billion dollars and that work is ongoing to update and expand the existing Free Trade Agreement in the post-Brexit period. 

The Ambassador has taken on an important mission to ensure that the trade agreement remains on the agenda at every opportunity. 

Turkey needs meritorious representatives to be represented correctly in the diplomatic sense in the world. Ertaş is more than fulfilling his duty in this regard. I hope he is receiving the applause he deserves at the state level as well. 

DOORS WIDE OPEN

Let's return to the trade agreement that will be developed… The UK market is truly a very large market. 

The United Kingdom holds great opportunities for Turkish business people not only in the subjects mentioned in the agreement but in every field. Beyond the trade agreement, the UK has actually opened its doors to investors. The ease it provides, especially for small and medium-sized enterprises, is more advantageous compared to many European countries. 

For example, with the Innovator Founder Visa, it has extended an invitation to entrepreneurs with new business ideas. Moreover, it has also removed the investment requirement, which was 50 thousand pounds in the past. 

In other words, the commercial collaborations to be established with the UK in the near future will be as important as joining the European Union.