Agriculture sector to benefit from extended FTA with UK
ANKARA
An expansion of the current free trade agreement between Türkiye and the U.K. will widen the reach of Turkish agricultural products in the U.K. market, Turkish Trade Minister Ömer Bolat told state-run Anadolu Agency.
The Türkiye-U.K. free trade pact came into force in 2021 to protect trade flows and supply chains in the aftermath of Brexit.
Last week, Turkish Foreign Minister Hakan Fidan and British Foreign Secretary David Lammy met in London to discuss updating the deal and other matters.
Efforts began in 2022 to expand the deal to include investments and additional agricultural concessions to form a stronger legal ground for businesspeople from the two countries.
Bolat said the existing pact contributed significantly to commercial activities between Türkiye and the U.K. continuing without interruption, adding that it allows businesspeople of the two countries to protect trade conditions and reduce uncertainty.
“With the implementation of the pact in 2021, a nearly 15 percent year-on-year increase was seen in trade between Türkiye and the U.K., and this level of trade volume was maintained,” he said.
“For Turkish exporters, the free trade pact provides an important assurance to maintain their market reach, and the continuation of bilateral trade via the pact helped businesspeople in Türkiye keep their investments in the U.K. grounded on a more secure basis, prepared against possible risks,” he added.
Bolat said the expanded deal will help Turkish firms find safer environments while investing in the U.K. and create a more robust legal framework for mutual investments.
He stated that the expanded agreement's investment chapter will promote long-term cooperation between Türkiye and the U.K., with particular emphasis on the inclusion of the services sector, where Türkiye holds a competitive edge. This is expected to significantly enhance cooperation, especially in areas such as health tourism, finance, engineering, and the development of new business models, yielding mutual benefits for both countries.
“The inclusion of Turkish firms in these competitive sectors will make it so that they will have a more effective presence in the U.K. market,” he said.
“The expansion of the pact will carry economic and trade relations between Türkiye and the U.K. to a more advanced level based on sustainable and mutual gains in the long term,” he added.
