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Turkey is “very close” to Signing Free Trade Agreement With The UK

Turkey is “very close” to Signing Free Trade Agreement With The UK

UK foreign secretary Dominic Raab meets his Turkish counterpart Mevlut Cavusoglu in London on Wednesday

•Mevlut Cavusoglu told the Financial Times that in principle there were no differences over the deal but added that some technical issues needed to be finalised.

•UK’s Brexit transition period ends at the end of 2020. UK government is pursuing several trade agreements with its key allies — including the US, Australia, New Zealand and Japan as well as Turkey.

•The UK is Turkey’s second-largest trade partner after Germany.

•Total UK-Turkish trade hit a high of £18.8bn last year.

•Securing an FTA with Britain is deemed critical for Turkish manufacturers, particularly carmakers, textile factories and white goods producers.

•There are more than 2,500 UK companies operating in Turkey including BP, Shell, Vodafone, Unilever, BAE Systems, HSBC, Aviva and Diageo.

•Turkey is a member of the EU customs union, meaning securing an agreement with the European bloc for Britain is very important with regards to the FTA with the UK.

•If the two sides are unable to secure a deal by the end of the year, Ankara could face a dilemma over whether to push ahead with the agreement with Britain and risk breaching EU rules.

Kesikli Law Firm

11:17 , 13/07/2020 Comments Off on Turkey is “very close” to Signing Free Trade Agreement With The UK