Türkiye-UK Trade Partnership Deepens as Nations Eye USD40B Deal

(MENAFN) Türkiye and the United Kingdom are pushing to expand their economic alliance amid surging bilateral commerce, Turkish Trade Minister Omer Bolat announced Thursday.

Ahead of the 8th UK-Türkiye Joint Economic and Trade Committee (JETCO) session, Bolat revealed that Turkish-EU commerce hit $233 billion in the previous year, underscoring what he characterized as "strong and inseparable" economic connections between Türkiye and Europe.

Türkiye ranks as the EU's largest trading partner, while the EU serves as Türkiye's fifth-largest trade partner worldwide, the minister noted.

Bolat confirmed the JETCO gathering would feature the signing of dual agreements—the eighth JETCO Action Plan alongside a Mutual Recognition Agreement on Authorised Economic Operators.

The minister expressed Türkiye's desire for the UK to participate in the Pan-Euro-Mediterranean Rules of Origin Cumulation process.

Characterizing Ankara-London relations as an "unshakable alliance" spanning political, diplomatic and economic domains, Bolat credited UK Prime Minister Keir Starmer's October visit to Ankara with playing a "key catalytic role" in fortifying bilateral connections.

The minister highlighted Turkish Airlines' deal with Rolls-Royce and continuing Eurofighter procurement talks as developments anticipated to substantially strengthen economic relations.

"Turkish Airlines, in line with its goal of becoming one of the world's largest fleets with 800 aircraft by 2033, signed procurement agreements with two major aircraft manufacturers. An agreement was also reached regarding Rolls-Royce engines. These agreements, including the construction of a major maintenance center in Türkiye, will further enhance bilateral trade. Likewise, the Eurofighter procurement issue will provide a major boost to Türkiye–UK economic relations," he said.

Bolat credited the UK-Türkiye Free Trade Agreement, operational since January 1, 2021, with accelerating bilateral commerce.

Cross-border trade has climbed more than $5 billion across the past four years, surging $1.8 billion in the previous year alone to reach $24 billion, the minister stated.

Trade objectives of $30 billion short-term and $40 billion medium-term, unveiled during Starmer's visit, were characterized by Bolat as "exciting and absolutely achievable."

Negotiations to broaden the free trade agreement to encompass services, investment and e-commerce have advanced successfully since June 2024, involving joint public and private-sector delegations, the minister reported.

While occasional challenges emerge, resolution through dialogue has proven consistent, with Bolat expressing optimism that relations would continue strengthening.

Bolat said that negotiations aimed at expanding the free trade agreement are ongoing, but that it would not be appropriate to make a prediction about when they will be concluded. "Both sides are determined and are continuing the negotiations constructively within a positive dialogue. The next (fourth) round of negotiations will also take place in February."

Stressing robust bilateral tourism sector relations, Bolat observed that British tourists constitute one of Türkiye's top five visitor groups, with health tourism providing additional contributions.

Nearly $400B in goods, services exports
Bolat acknowledged that a significant global trade conflict erupted in the previous year, accompanied by customs duty increases.

Noting particularly weak economic expansion in Western nations, Bolat stated: "Despite all these negative conditions, Türkiye's exporters of goods and services broke historical records in 202 ... In December 2025, we achieved a historic record in merchandise exports, which is truly difficult to attain in the short term, reaching $26.43 billion."

Türkiye's combined goods and services exports reached $396.4 billion in 2025, Bolat confirmed, adding: "That means we are just shy of $400 billion. God willing, we will achieve that in the coming months."

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