Economic relations between Türkiye and the United Kingdom are step by step strengthening, Trade Minister Ömer Bolat stated on Wednesday, conveying that they believed “we have enough ambition, motivation and driving force to sign the modernized free trade agreement (FTA) soon.”
Bolat made these remarks on the Türkiye-U.Okay. Business Forum, which was organized by the Foreign Economic Relations Board (DEIK) and the Institute of Directors (IOD) in London.
The minister emphasised that commerce tensions between the U.S. and China, the conflict in Ukraine and Israel’s genocide in Gaza have created uncertainties in international markets, disrupted provide chains and harmed international financial progress, however Türkiye’s financial system has continued to develop strongly regardless of a troublesome interval because of protectionist commerce insurance policies and regional uncertainty.
The Turkish financial system has proven uninterrupted progress for 18 consecutive quarters, with 3% within the final quarter of 2024, he stated, including that the Turkish financial system’s measurement has exceeded $1.3 trillion, with a nationwide revenue per capita exceeding $15,000.
He stated exports proceed to be the driving power behind the Turkish financial system’s progress, with exports surpassing $262 billion final 12 months, contributing to a $24 billion discount within the international commerce deficit.
The minister additionally highlighted Ankara’s bilateral commerce relationship with London, saying the U.Okay. is Türkiye’s third-largest export vacation spot, with exports totaling $15.3 billion.
He recalled that Türkiye imported $6.9 billion in items from the U.Okay. final 12 months, and that the nation has a powerful funding incentive program with a excessive productiveness focus.
Türkiye has change into a middle for a lot of worldwide corporations as a result of it supplies traders with a well-protected business atmosphere and one of many world’s largest free commerce agreements, he stated.
The minister added that British corporations’ investments in Türkiye reached $9 billion in 2023 and that “this is a clear indicator of the confidence of British investors in the growth and potential of the Turkish economy.”
Noting that Turkish corporations have invested $4.3 billion within the U.Okay., Bolat stated the contracting sector is likely one of the most necessary.
“These investments are a profitable results of the cooperation between the private and non-private sectors of the 2 international locations.
“I congratulate all parties who contributed to this positive outcome. Despite these significant figures, we believe that Türkiye-U.K. cooperation as strategic partners still has high potential. Updating the FTA and expanding it to new areas will be an important opportunity to strengthen this economic cooperation,” he stated.
He highlighted that necessary steps for the 2 international locations’ commerce have been taken as a part of the delegation’s assembly with U.Okay. Secretary of State for Business and Trade Jonathan Reynolds on Wednesday and that the “Technical Barriers to Trade” chapter and the “Chemicals and Motor Vehicles” annexes to this chapter have been signed.
“These agreements purpose to take away technical obstacles that forestall commerce between the 2 international locations, which accounts for roughly one-third of our $22 billion mutual commerce, or roughly $7.5 billion.
“Thus, automotive products and chemicals, in particular, have an easier time entering the U.K. market. It is an agreement that removes technical barriers, and the U.K. accepts Turkish standards as compliant,” Bolat defined.
The first spherical of negotiations to resume the FTA between Türkiye and the U.Okay. is scheduled to start in July, he stated.
Source: www.dailysabah.com