Türkiye, UK expand free trade agreement to enhance agricultural accessibility
Date
11/5/2024 7:55:52 AM
(MENAFN) An expansion of the existing free trade agreement between Türkiye and the United Kingdom is expected to enhance the accessibility of Turkish agricultural products in the UK market, according to Turkish Trade Minister Omer Bolat in an interview with Anadolu. This agreement, which came into effect in 2021, was established to safeguard trade flows and supply chains following Brexit. Recent discussions between Turkish Foreign Minister Hakan Fidan and British Foreign Secretary David Lammy focused on updating the agreement to address investment opportunities and provide additional agricultural concessions.
Since efforts to broaden the agreement began in 2022, the aim has been to create a more robust legal framework that supports business operations between Türkiye and the UK. Minister Bolat highlighted that the original pact has played a crucial role in facilitating uninterrupted trade activities between the two nations. He noted that the implementation of the agreement in 2021 resulted in nearly a 15 percent year-on-year increase in trade, a trend that has continued.
Bolat emphasized that for Turkish exporters, the free trade agreement offers vital assurances for maintaining their market presence. The continuity of bilateral trade under this framework has provided Turkish businesspeople with a more secure foundation for their investments in the UK, effectively mitigating potential risks. The trade minister expressed optimism that the expanded agreement would not only enhance market conditions for Turkish firms but also create a safer investment environment in the UK, thus fostering stronger mutual investments between the two countries.
Overall, the proposed expansion of the Türkiye-UK free trade agreement is positioned to fortify commercial ties and stimulate economic cooperation, benefiting both Turkish exporters and UK businesses alike. The focus on agricultural products and investments highlights the commitment to furthering economic relations in a post-Brexit landscape.
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