Türkiye and the UK have agreed to carry talks on a brand new and modernized free commerce settlement (FTA), the British authorities introduced on Tuesday.
The current FTA, which the 2 international locations signed after the UK left the EU, doesn’t cowl key areas reminiscent of providers, digital, and information, the UK’s Department for Business and Trade revealed.
It added that the brand new deal was anticipated to spice up bilateral commerce and assist British companies maximize alternatives.
The announcement got here after telephone calls between the UK’s Business and Trade Secretary Kemi Badenoch and Turkish Trade Minister Ömer Bolat final week.
The UK-Türkiye Joint Committee will collect within the Turkish capital Ankara in a while Tuesday to debate the matter.
Badenoch stated in an announcement that Türkiye is a crucial buying and selling accomplice of the UK.
Türkiye presents “huge opportunities for British businesses, with UK companies already exporting to its growing market of 85 million people,” he added.
Britain’s Ambassador to Türkiye Jill Morris revealed a video message on Tuesday {that a} new strengthened and fashionable FTA would improve the bilateral buying and selling relationship.
“I am looking forward to further collaboration and discussions in our bilateral partnership to boost prosperity in both UK and Türkiye,” she added.
The Turkish Trade Ministry, for its half, stated that the present commerce settlement, signed in December 2020, predominantly covers industrial items and has supplied continuity to companies and safeguarding of provide chains following Brexit.
In an announcement, the ministry stated: “A assessment clause included within the present settlement dedicated the UK and Türkiye to reviewing the commerce relationship.
“This work began last year with both partners concluding that there would be value in broadening and deepening the trade relationship.”
It is “more important than ever” to assist an open buying and selling setting based mostly on world buying and selling guidelines that “underpin mutual growth and prosperity,” the ministry stated.
“There is an opportunity to work towards a contemporary agreement that is fit for the 21st century and better suited to the modern economies of both the UK and Türkiye,” it added.
By updating the FTA, the 2 international locations purpose to supply extra market alternatives for exporters of products and providers, Ömer Bolat, the Turkish commerce minister, stated on Twitter.
Source: www.anews.com.tr
