Turkey and Britain have signed a free trade agreement as the U.K. prepares to leave the European Union’s economic orbit at the start of the new year the directorate general of foreign trade Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. the directorate general of foreign trade Blogs, Comments and Archive News on Economictimes.com Turkish President Tayyip Erdogan said on Monday a free trade deal with London would be signed on Tuesday. Britain and Turkey signed a trade deal Tuesday to continue tariff-free trading that was worth $25 billion last year.
Turkey and Britain have signed a free trade agreement as the U.K. prepares to leave the European Union’s economic orbit at the start of the new year
ANKARA, Turkey — Turkey and Britain signed a free-trade agreement Tuesday as the U.K. prepares to leave the European Union’s economic orbit at the start of the new year.
The deal, which will come into effect on Jan. 1, aims to support trade between the two countries which was worth more than $25 billion in 2019. It is one of many post-Brexit trade deals the British government is pursuing with nations around the world and came days after it finalized a trade agreement with the EU.
The U.K. left the EU on Jan. 31 of this year but remained subject to the bloc’s business regulations and within its customs union during a transition period that ends on Dec. 31.
Turkish Trade Minister Ruhsar Pekcan and Dominick Chilcott, the British ambassador to Turkey, signed the the British-Turkish agreement.
Pekcan hailed the deal as the most significant trade pact for Turkey since the signing of a customs union agreement with the EU in 1995.
A British government statement said the deal will secure existing preferential tariffs for some 7,600 British businesses that exported goods to Turkey in 2019, ensuring the continued tariff-free flow of goods.
Both countries have said the deal will lead to a more comprehensive agreement in the future.
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UK, Turkey to sign free trade deal on Tuesday
Turkish President Tayyip Erdogan said a free trade deal with London would be signed on Tuesday.
Turkish President Tayyip Erdogan said on Monday a free trade deal with London would be signed on Tuesday and completed after Thursday when the United Kingdom formally leaves the European Union.
The UK trade ministry said on Sunday the two nations will sign a deal that replicates the existing trading terms. It is the first deal to be announced since British Prime Minister Boris Johnson secured a new trade agreement with the European Union last week.
The trading relationship between London and Ankara was worth 18.6 billion pounds ($25.25bn) in 2019, and the UK said it was the fifth-biggest trade deal its trade ministry had negotiated after agreements with Japan, Canada, Switzerland and Norway.
The UK has now signed trade agreements with 62 countries ahead of the end of the Brexit transition period on January 1, when it leaves the EU’s trading arrangements.
It clinched its narrow trade deal with the EU, its biggest trading partner, after extensive negotiations.
Britain and Turkey secure continued tariff-free trade deal worth $25B
Dec. 29 (UPI) — Britain and Turkey signed a trade deal Tuesday to continue tariff-free trading that was worth $25 billion last year.
“Today’s deal covers trade worth more than 18 billion pounds [$25 billion], delivers vital certainty for business and supports thousands of jobs across the UK [Britain] in the manufacturing, automotive and steel industries,” Truss said.
“It paves the way for a new, more ambitious deal with Turkey in the near future, and is part of our plan to put the U.K. at the center of a network of modern agreements with dynamic economies,” Truss said. “More trade and investment will drive economic growth across our United Kingdom and help us build back stronger from Covid.”
The deal protects Britain-Turkey supply chains in automotive and manufacturing sectors by ensuring the continued tariff-free flow of goods with preferential trading terms for British imports and exports, according to the statement. In particular, the deal will protect Ford, which employs 7,500 people in Britain, since car parts are imported from Britain to Turkey to assemble the vehicles, a third of which are then exported to Britain.
Along with preferential trading terms for British businesses that export machinery, iron and steel, the agreement also supports preferential tariffs for British importers of textiles, and tariffs applied to British imports of washing machines and televisions will remain at 0% under the deal.