Let’s get started! Liz Truss is eyeing a massive new trade deal with Turkey worth £20 billion for the UK post-Brexit.
In a boost for Brexit Britain, Turkey and the UK will begin negotiating a more comprehensive trade deal to improve bilateral cooperation.
To maintain the current flow of products, Turkey and the United Kingdom extended a free-trade deal in December, just days before Britain formally exited the European Union in 2020. On December 29, the two countries’ trade ministers signed an accord, with ministers stating that the expanded pact would match existing trading agreements.
However, Minister for Exports Graham Stuart stated that a new and more ambitious deal, which will include financial services, is on the horizon.
“We’re going to negotiate an even deeper agreement next year,” Mr Stuart stated.
“We believe that by working together, Turkey and the UK can achieve even more in the years ahead, bringing prosperity, success, and collaboration to both countries.”
According to the Minister for International Commerce, trade between the two countries increased by 70% to £20 billion in the ten years leading up to 2019.
Mr Stuart stated that under the terms of the agreement, both countries would be able to collaborate on climate change challenges, particularly in policy areas such as clean growth technology and electric vehicles.
“Our experience establishing electric vehicle charging stations, for example, will be critical in achieving climate targets in Istanbul and beyond,” he continued.
Mr Stuart further claimed that Turkish companies were coming to the UK because it had Europe’s most vibrant startup and technology environment.
“I think you can see why so many significant Turkish companies are eager to develop or grow their business in the United Kingdom,” he said.
“That is why I believe we are a one-of-a-kind foundation from which Turkish enterprises can expand globally.”
According to data from the Turkish Exporters’ Assembly (TM), exports to the UK increased 36.5 percent between January and July 2020, making it Turkey’s second-largest export market behind Germany.
Without an initial trade agreement, tariffs would have applied to nearly 75% of Turkish exports to the UK, resulting in a loss of £1.75 billion.
It comes as the UK government disclosed that a rising number of Turks are attempting to enter the country to work.
According to government data, they more than doubled in a year, with more than 37,000 Turks applying in the year ending June 2021, up from 9,000 in the year ending March 2020.
The growth is unexpected. “Brinkwire News in Condensed Form.”