Türkiye, UK Forge Deeper Trade Ties Through JETCO Pact

(MENAFN) Türkiye and the UK inked a comprehensive new Joint Economic and Trade Committee (JETCO) Action Plan featuring 16 concrete measures Thursday, alongside a mutual recognition agreement, as both nations pursue an ambitious $40 billion trade objective during high-level negotiations in London.

The agreements materialized during the 8th term meeting of the Türkiye–UK JETCO, convened amid a London visit by Turkish Trade Minister Omer Bolat.

Bolat held discussions with Peter Kyle, the UK secretary of state for business and trade, addressing bilateral commerce, economic partnership, and emerging trade and investment prospects rooted in what he characterized as mutual trust and a mutually beneficial framework.

"We will continue to maintain and strengthen our multifaceted cooperation with the United Kingdom in trade and investment, as in all other areas, and to work towards elevating our trade relations to the level of a strategic partnership," Bolat said in a statement on US social media company X.

"I sincerely hope that the deep-rooted friendship between our two countries will continue to grow stronger in the economic sphere as well, yielding fruitful outcomes and contributing to our shared vision of sustainable development," he added.

According to Bolat, the JETCO gathering in London produced not only the JETCO Protocol signing but also arrangements designed to deepen bilateral collaboration.

"Within the scope of the JETCO Meeting, in addition to the JETCO Protocol, we signed the JETCO Action Plan, which contains 16 concrete action items and plays a key role in the development and deepening of our bilateral cooperation, as well as the Mutual Recognition Agreement on Authorised Economic Operators," he said.

He also said significant progress had been made in negotiations to modernize the free trade agreement between the two countries.

"I wholeheartedly believe that this productive meeting and the agreements signed will carry the Türkiye–UK economic partnership forward with renewed dynamism," Bolat said. "We will continue our efforts to build a strong future based on constructive dialogue and strategic partnership."

Building on 2021 trade pact
Bolat indicated that sessions were additionally conducted with representatives of Turkish private sector umbrella organizations, prominent UK corporations, and counterpart institutions.

"Our country's young, highly skilled workforce, the opportunity to access new markets provided by our geographical location, and the most comprehensive investment incentive program in the history of the republic are of great importance in terms of investments to be made in Türkiye," he said.

He added that Turkish companies would continue to strengthen their global position through cooperation with British and other international firms.

Bolat further noted that deliberations encompassed an evaluation of benefits stemming from a previously signed memorandum of understanding on cooperation in third countries in the field of contracting.

"I hope that our meeting will pave the way for new investment opportunities," he said.

The current UK–Türkiye Free Trade Agreement, operational since 2021, has accelerated bilateral commerce, with transactions between both nations surging by more than $5 billion throughout the past four years. Bilateral trade expanded by $1.8 billion in the past year alone, hitting $24 billion.

Both governments aspire to achieve trade benchmarks of $30 billion in the short term and $40 billion in the medium term.

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