Türkiye and Britain have “successfully” completed the primary spherical of talks on updating their free commerce settlement (FTA), the Turkish Trade Ministry mentioned on Friday.
The negotiations in Ankara with the high-level participation of the related establishments of each international locations have been “extremely productive,” with many essential matters mentioned with a view to deepen the scope of the FTA, the assertion mentioned.
“The strategic economic cooperation between Türkiye and the U.K. is gaining new and strong momentum,” the assertion mentioned.
The two international locations have already got an FTA, which was rolled over when Britain left the European Union, however a evaluation by each side has concluded there was room for enchancment below a brand new deal.
Trade talks had been paused throughout final yr’s election that noticed Labour Party return to authorities after 14 years in opposition.
The up to date FTA will present new mutual market openings in agricultural merchandise, the ministry mentioned, including that complete provisions can be included to supply a mutually useful cooperation atmosphere between the 2 international locations concerning commerce in providers.
“In this context, possible opportunities in the field of financial services, including Islamic finance, will be explored, and service sectors in which our country is competitive, such as health services and audiovisual services, will be considered,” it mentioned.
It famous that joint steps that may be taken to facilitate investments can be mentioned, mutual recognition of geographically marked merchandise can be ensured, and awareness-raising steps can be taken for small- and medium-sized enterprises (SMEs).
“Areas of cooperation on innovation, consumer protection and women’s economic empowerment will be concretized. The sustainable development dimension of trade in environment and labor issues will be reflected and customs procedures will be simplified in traditional and digital channels within the scope of trade facilitation,” it added.
The assertion burdened each side’ sturdy mutual will to finish the FTA replace as quickly as attainable in a method that may contribute to the prosperity of each international locations.
The annual commerce quantity between the 2 international locations reached $22 billion in 2024, with the U.Ok. rating as Türkiye’s seventh-largest buying and selling companion, the ministry mentioned. Türkiye runs a commerce surplus of $8 billion.
“In this context, the U.K. market, with a population of 69 million, maintains its importance as a strategic economic partner that supports employment in Türkiye while offering a strong demand for our products,” the assertion mentioned.
The subsequent spherical of negotiations is predicted to happen by the tip of 2025.
Source: www.dailysabah.com