Tuesday, March 21, 2023

UK announces it will sign free trade agreement with Turkey this week | Brexit news

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The deal replicates existing trade deals, but the UK says it hopes to sign a tailor-made deal with Turkey soon.

The UK and Turkey are expected to sign an agreement on Tuesday to extend their trade deals, making it the first since UK Prime Minister Boris Johnson struck a new trade deal with the European Union.

The UK-Turkey deal would replicate existing trade terms between Ankara and London, but UK Trade Secretary Liz Truss said on Sunday she hoped a tailor-made deal between the countries could be reached soon.

“The deal we expect to sign this week locks in tariff-free trade deals and will help bolster our trade relationship. This will bring certainty to thousands of jobs across the UK in the manufacturing, automotive and steel sectors, ”Truss said in a statement.

“We now look forward to working with Turkey towards an ambitious tailor-made trade deal between the UK and Turkey in the near future.”

The trade relationship was worth £ 18.6bn ($ 25.25bn) in 2019, and the UK said it was the fifth-largest trade deal the Commerce Department has negotiated after deals with Japan, Canada, Switzerland and Norway.

The UK has now signed trade deals with 62 countries before the Brexit transition period ends on January 1, when it will exit EU trade deals.

It concluded its close trade deal with the EU, its main trading partner, last week.


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