UK set to open trade negotiations with Turkey
The UK is set to pursue a new trade deal with Turkey in an effort to deepen relations with the country, the government has announced.
Negotiations on an updated free trade agreement are expected to begin in 2024 after the two countries agreed there was scope to improve the existing deal.
Britain’s trade with Turkey was worth £23.5bn in 2022, but heavily favoured Turkey with the UK importing £6.5bn more than it exported, according to government figures.
The current settlement, which was rolled over after Brexit, is restricted to trade in goods.
UK negotiators will attempt to expand the relationship to cover digital trade and services, reflecting Britain’s status as a predominantly service economy.
Business and trade secretary Kemi Badenoch said: “Turkey is an important trading partner for the UK. This deal is the latest example of how we are using our status as an independent trading nation post-Brexit to negotiate deals that are tailored to the UK’s economic strengths.
“I look forward to using the deal to deepen the UK-Turkey trading relationship, drive economic growth and support businesses up and down the country.”
UK negotiators’ objectives are still to be determined following a consultation expected to begin in the autumn, but are likely to focus on expanding access to Turkey for UK services. There could also be scope for securing cheaper imports from Turkey, particularly Mediterranean fruit and vegetables and olive oil.
Turkish exports to the UK include vehicles, clothes and electric machinery, while the UK sells power generators and metals to Turkey.
Exports minister Lord Offord will visit Turkey later this month to discuss other potential opportunities.
By Christopher McKeon, PA Political Reporter