The Turkish Ministry of Trade announced on Friday the successful completion of the first phase of negotiations on the modernisation of the Free Trade Agreement with the United Kingdom.
According to the ministry’s statement, the strategic partnership between Ankara and London continues to strengthen, gaining new momentum for development.
The negotiations took place in Ankara with the participation of high-ranking representatives of relevant government agencies and were described as extremely productive. The discussions focused on expanding the scope of the agreement.
The updated document will open up new prospects for bilateral trade, particularly in the export of agricultural products. One of the key areas will be the development of co-operation in trade in services, including provisions conducive to the creation of a favourable and mutually beneficial environment.
Particular emphasis was placed on financial services, including Islamic finance, as well as healthcare and the audiovisual sector, where Turkey has significant competitive advantages. Measures to simplify investment activities and mutual recognition of geographical indications are also being discussed. As part of the modernisation of trade procedures, it is planned to simplify customs clearance in both traditional and digital formats.
The statement notes that both sides have confirmed their commitment to completing the agreement update process as soon as possible, taking into account the interests of sustainable economic growth in both countries.
Trade turnover between Turkey and the United Kingdom reached $22 billion in 2024. The United Kingdom ranks seventh on the list of Turkey’s largest trading partners.
