Türkiye, UK set to start trade talks later this year

LONDON

Trade Secretary Jonathan Reynolds is set to deliver trade negotiations with international partners, including Türkiye, the Gulf Cooperation Council and India, the U.K. government has said in a statement.

This announcement will kickstart the process of getting negotiators back into the room with counterparts as soon as possible, with the first round of trade talks under the new government expected to take place during the autumn, it added.

The bilateral trade volume between Türkiye and the United Kingdom reached $19.5 billion in 2023.

Türkiye’s exports to the U.K. amounted to $6.9 billion in the first six months of 2024, corresponding to 5.5 percent of the country’s overall export revenues. Imports from the U.K. stood at $3.4 billion in the first half.

As of 2023, there were 3,200 British companies including BP, Vodafone and HSBC operating in Türkiye. Investors from the U.K. are mainly interested in energy, infrastructure, health, finance, technology and defense industry sectors.

“Our teams will be entering negotiating rooms as soon as possible, laser-focused on creating new opportunities for U.K. firms so they can support jobs across the country and deliver the growth we desperately need,” Reynolds said.

The negotiations for a new free trade agreement offer business opportunities across various sectors, said Levent Çakıroğlu, CEO of Turkish conglomerate Koç Holding.

“In the upcoming negotiations, there is room for improvement for both economies in services and investment sectors, but I believe automotive and home appliances business will continue to form the backbone of the trade between Türkiye and the U.K. in the future,” he added.