Türkiye and UK prepare to negotiate free trade agreement

Turkey and the UK are preparing for negotiations to expand and update the scope of the Free Trade Agreement (FTA). Preparations are continuing to update the Free Trade Agreement between Turkey and the UK, which entered into force on January 1, 2021. Answering AA's questions about the process, Turkey's Ambassador to London Ertaş stated that the current agreement is important in terms of being the first free trade agreement signed by the UK with different countries after its exit from the European Union (EU). Stating that the aim is to update and expand the scope of the agreement, which currently covers trade in goods between the two countries, Ertaş said that the trade volume with the UK, the world's 6th largest economy, was 18.9 billion dollars in 2022. Underlining that the UK is among the top 5 countries in Turkey's exports, Ertaş said, "With the FTA, it was possible to maintain the current conditions for entering the UK market, one of our most important export markets, and to ensure that our exporters maintain their competitive power in this market." On the other hand, pointing out that both countries wish to expand the scope of the agreement, Ertaş said, "Within the framework of the review provision in the agreement, we have started work to expand and update the current FTA to include additional areas." "We hope to start negotiations as soon as possible" Emphasizing that a mutual declaration of intent was made to start FTA update negotiations with the joint declaration published in July, Ertaş said, "There is a strong political will in this direction on both sides. Work on the technical dimensions of the negotiations is continuing in both countries." Ertaş provided the following information about the preparation process for the negotiations: "Finally, the British side initiated a consultation process that will end on January 5, 2024, to obtain the views of the business world and the public prior to the negotiations to be conducted. This process is ongoing for us. We hope to start negotiations as soon as possible with the completion of the necessary preparations in both countries." Ertaş explained that the updated FTA aims to cover areas such as service trade, investments and e-commerce in addition to goods trade between the two countries, and that they also aim to obtain additional concessions in the field of agriculture. Stating that the updated and expanded FTA will allow for further increases in exports and mutual trade, Ertaş said, "Our commercial and economic relations will be further strengthened in line with our strategic partnership."