Turkey – UK to sign Free Trade Agreement
Visiting the UK to discuss regional problems and boost bilateral cooperation between Turkey and the UK, Turkish PM Minister Binali Yıldırım announced that Turkey and the UK intend to strike a free trade deal.
Historically, Free Trade Agreements (FTAs) have been the most effective way of opening up foreign markets to Turkish exporters.
In addition to the Customs Union with the EU, which was signed in 1995, Turkey currently has FTAs with 21 countries, with a further 4 under ratification and 1 pending signature. Additionally, negotiations have commenced with 13 other countries and initiatives are in place to commence negotiations with a further 10, including the US, Canada and South Africa.
The Prime Minister announced that joint UK-Turkish teams will soon be composed to work on the FTA.
In 2016, the bilateral trade volume between the U.K. and Turkey amounted to $17 billion, an increase of 5.7% over the previous year – the UK currently has a 5% share of Turkish foreign trade. Addressing UK investors in a meeting on Friday, Yıldırım stated that an FTA could effectively increase this trade volume to $20 billion in the short term.