The British Ambassador to Türkiye, Jill Morris, has announced the U.K. government’s intention to resume Free Trade Agreement (FTA) negotiations with Türkiye.
Renewed focus on high-quality trade agreements
In a recent statement, the U.K. government emphasized the significance of resuming these talks, highlighting the benefits for businesses accessing international markets, increasing employment and achieving high-quality trade agreements essential for economic growth.
“Resuming negotiations marks the first step toward securing high-quality trade agreements necessary for economic growth,” the statement read.
The U.K. Trade Ministry has confirmed that Türkiye, Israel, South Korea and Switzerland will participate in the initial discussions under the new government in the autumn.
Strategic economic partnerships
Resuming FTA talks with Türkiye is part of a broader strategy to solidify economic partnerships and stimulate growth.
The U.K. aims to leverage these agreements to boost trade, support businesses, and create job opportunities, reinforcing its role in the global economic landscape.
Strong ties between Türkiye, UK
On March 14, 2024, Turkish Trade Minister Omer Bolat announced the commencement of negotiations to update the FTA between the United Kingdom and Türkiye.
Bolat met with U.K. Business and Trade Secretary Kemi Badenoch in London to discuss enhancing trade and investment relations between the two countries.
In his remarks following the meeting, Bolat expressed satisfaction with the initiation of negotiations to update the existing FTA.
He emphasized this milestone reflects both countries’ strong commitment to strengthening their economic relationship.
“Our current FTA, in effect since 2021, has preserved the privileges from the Customs Union prior to Brexit, contributing to approximately $19 billion in bilateral trade last year,” Bolat noted.
Bolat pointed out that the total bilateral services trade, excluding tourism, exceeded $5 billion in 2022.
He also noted that Turkish investments in the U.K. reached $4.9 billion in 2023, while U.K. investments in Türkiye totaled $8.6 billion.
“Despite these figures, I believe there is much untapped potential in our trade, services, and investment relationships,” Bolat stated.
According to the Turkish Trade Ministry, the trade volume between Türkiye and the U.K. reached approximately $19 billion in 2023. The U.K., with $12.4 billion in export volume, remains Türkiye’s fourth-largest export market.
Additionally, with direct investments of $8.6 billion in Türkiye, the U.K. is among the country’s top 10 investors.