Turkiye, home to a growing market of 86 million people, ranks as the UK’s 16th largest trading partner. Trade between the two countries supported around 57,100 UK jobs in 2020. The UK government has identified economic growth as a top priority and sees FTAs as a key lever to achieving this objective, the UK’s Department for Business and Trade said in a press statement.
“The economic growth is our first mission in government and FTAs have an important role to play in achieving this. The UK is the second largest services exporter in the world, but in 2024 only 34 per cent of UK exports to Turkiye were services. A stronger trade relationship with this fast-growing economy will unlock new opportunities for UK businesses and contribute to jobs and prosperity in the UK,” the statement added.
The negotiations during round one were constructive, with both countries working towards agreeing ambitious outcomes in key areas. Discussions covered sustainability and collaboration, including Women’s Economic Empowerment and Labour rights, as well as the regulatory environments of both countries. Productive discussions were also held on trade in services, including digital, financial and professional business services, it further stated.
The UK’s current FTA with Turkiye mirrors the EU-Turkiye Customs Union, with full liberalisation of industrial goods and partial liberalisation of agricultural products. In the first round of negotiations, both parties focused on setting baselines and outlining their respective goals for trade in goods.
The government will only ever sign a trade agreement which aligns with the UK’s national interests, upholding their high standards across a range of sectors, alongside protections for the National Health Service, it said.
The second round of negotiations is expected to take place in the Autumn of 2025.
ALCHEMPro News Desk (SG)
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