The UK and Türkiye announced plans to begin talks on an updated free trade agreement (FTA).
Article continues below
r>
The deal would replace the existing UK-Türkiye FTA, which was rolled over from when the UK left the European Union and doesn’t cover key areas of the UK economy like services, digital and data.
The UK is the second biggest services exporter in the world – behind only the US, and the services sector contributes around 80% of the UK’s GDP.
The announcement follows a call between UK Business and Trade Secretary Kemi Badenoch and Turkish Minister for Trade Ömer Bolat last week, where they committed to negotiating a new deal and deepening the trade relationship between the two countries.
The UK-Türkiye Joint Committee consisting of the UK’s Chief Negotiator and officials from both sides – responsible for overseeing implementation of the current agreement – will meet today in Ankara, Türkiye’s capital city to formally conclude the review of the current agreement and move towards renegotiation of the Free Trade Agreement.
Business and Trade Secretary Kemi Badenoch said: "Türkiye is an important trading partner for the UK and this deal is the latest example of how we are using our status as an independent trading nation post-Brexit to negotiate deals that are tailored to the UK’s economic strengths.
"I look forward to using the deal to deepen the UK-Türkiye trading relationship, drive economic growth and support businesses up and down the country."
Türkiye presents huge opportunities for British businesses, with UK companies already exporting to its growing market of 85 million people.
The new FTA is an opportunity to strike a 21st century deal that is better suited to the modern economies of both the UK and Türkiye, covering areas such as digital trade and services.
It would build on an already thriving trading relationship which reached £23.5 billion in 2022 – up more than 30% from the previous year – and better support UK businesses exporting or looking to export to the country. ■