The UK Department for Business and Trade has announced that the United Kingdom and Türkiye have reached a mutual agreement to hold the first round of negotiations to update their Free Trade Agreement (FTA) by the end of July. The statement followed an interdelegation meeting in London between Türkiye’s Minister of Trade, Omer Bolat, and UK Secretary of State for Business and Trade, Jonathan Reynolds.
The statement emphasized the focus on expanding trade between the two countries, noting:
“Türkiye and the United Kingdom enjoy a strong economic relationship. In 2024, bilateral trade reached approximately £28 billion, making Türkiye the UK’s 16th largest trading partner. Currently, UK companies export £9.3 billion worth of goods and services to Türkiye’s growing market of 86 million people.”
The ministers reaffirmed the importance and strength of the UK-Türkiye trade relationship, underlining their shared goal of fostering increased trade and investment through closer cooperation. The importance of defending free trade was also highlighted.
It was confirmed that both sides intend to complete the first round of negotiations to update the existing FTA by the end of July.
Additionally, at the conclusion of the meeting, the ministers signed an updated chapter on Technical Barriers to Trade (TBT), amending the 2020 UK-Türkiye FTA. This updated section aligns more closely with the provisions of the UK-EU Trade and Cooperation Agreement, aiming to reduce costs and facilitate trade for businesses.
According to the statement, the UK is currently the world’s second-largest exporter of services. However, services accounted for only 34% of the UK’s total exports to Türkiye in 2024.
Türkiye, currently ranked as the world’s 17th largest economy, is projected to become the 12th largest globally and the 4th largest in Europe by 2050.
Source: Bloomberght/ Prepared by: İlayda Gök