The Ministry of Trade of Turkey announced the successful completion of the first round of negotiations on the updating of the Free Trade Agreement with Great Britain.
The statement of the department notes that economic cooperation between Ankara and London is developing at a strategic level and received a new powerful impulse.
The first round of negotiations, begun in accordance with the ministers of the trade of the two countries during the official visit of the Turkish minister of trade ömer Bolat to London in May, is successfully completed.
Negotiations were held in Ankara with the participation of high -ranking representatives of relevant departments and were recognized as extremely productive. During the discussions, key issues were considered to expand the scope of the free trade agreement.
Simplification of customs procedures through digital channels
The statement emphasizes that the updated agreement will open new mutual opportunities for the export of agricultural products. Among the main provisions, the inclusion of complex provisions aimed at creating a mutually beneficial environment of cooperation in the field of trade in services.
Particular attention is paid to financial services, including Islamic financing, as well as healthcare and audiovisual sector in which Türkiye has competitive advantages.
Joint steps to simplify investments are also discussed, the mutual recognition of geographical instructions is planned.
measures will be taken to increase awareness among small and medium -sized businesses (SMEs). The directions of cooperation in the areas of innovation, the protection of consumer rights and the economic expansion of the rights and capabilities of women are specified.
Environmental protection issues and labor relations will be reflected in the context of sustainable development of trade. As part of the relief of trade procedures, customs operations will be simplified both in traditional and digital channels.
The next round of negotiations will be held at the end of 2025
The statement also notes that both parties confirmed their determination as soon as possible to complete the renewal of the free trade agreement, taking into account the interests of the economic well -being of both countries.
The annual trade between Turkey and the UK reached $ 22 billion in 2024, while the UK ranks seventh among Turkish trading partners.
Great Britain is the second largest partner of Turkey for a positive trade balance with foreign trade worth about $ 8 billion. With its 69-millionth audience, the British market presents a significant demand for Turkish products and remains a strategically important economic partner who supports employment in Turkey.
It is planned that the next round of negotiations will take place until the end of 2025. A constructive and purposeful dialogue creates a solid basis for the agreement on free trade to become a new modern agreement.