Preparations continue for the Turkey-UK Free Trade Agreement

Preparations are underway to update the Free Trade Agreement between Turkey and the UK, which entered into force on January 1, 2021.

Turkey's Ambassador to London, Osman Koray Ertaş, stated that the current agreement is significant as it was the first free trade agreement the UK signed with a different country following its exit from the European Union (EU).

Expressing that the goal is to update and expand the scope of the agreement, which currently covers trade in goods between the two countries, Ertaş noted that the trade volume with the UK, the world's 6th largest economy, reached 18.9 billion dollars in 2022.

Highlighting that the UK is among the top 5 countries in Turkey's exports, Ertaş said, "With the FTA, we were able to ensure that existing conditions for market access to the UK, one of our most important export markets, were maintained and that our exporters could continue to maintain their competitive power in this market."

On the other hand, pointing out that both countries desire to expand the scope of the agreement, Ertaş added, "Within the framework of the review clause in the agreement, we have started work on expanding and updating the current FTA to include additional areas."

"WE HOPE TO START NEGOTIATIONS AS SOON AS POSSIBLE"

Emphasizing that a joint declaration of intent to begin FTA update negotiations was made with a joint statement published in July, Ertaş said, "There is a strong political will in this direction on both sides. Work on the technical dimensions of the negotiations is ongoing in both countries."

ERTAŞ PROVIDED THE FOLLOWING INFORMATION REGARDING THE PREPARATION PROCESS FOR NEGOTIATIONS:

"Finally, the UK side launched a consultation process that will end on January 5, 2024, regarding obtaining the views of the business world and the public before the negotiations to be conducted. This process is continuing for us as well. We hope to start negotiations as soon as possible once the necessary preparations in both countries are completed."

Ertaş explained that the updated FTA is aimed at covering areas such as trade in services, investments, and e-commerce in addition to trade in goods between the two countries, and that they also aim to obtain additional concessions in the field of agriculture.

Stating that the updated and expanded FTA will provide an opportunity to further increase exports and mutual trade, Ertaş said, "Our commercial and economic relations will be further strengthened in line with our strategic partnership."

News Source: 12punto