Talks begin with UK to update FTA, Trade Minister Bolat says

Trade Minister Omer Bolat announces the start of negotiations to update the Free Trade Agreement with the United Kingdom, aiming to enhance bilateral trade and investment relations

Trade Minister Omer Bolat has announced the commencement of negotiations to update the Free Trade Agreement (FTA) with the United Kingdom.

Bolat held a bilateral meeting with the U.K. Secretary of State for Business, Energy, and Industrial Strategy Kemi Badenoch in the capital city of London to discuss trade and investment relations between the two countries.

Following the meeting, Bolat expressed his satisfaction with the beginning of negotiations to update the existing FTA between the two countries.

Bolat reminded that the current FTA between the two countries is based on the Customs Union established nearly 30 years ago, noting that the agreement’s scope is limited and primarily covers industrial goods.

Bolat highlighted that the total bilateral service trade, excluding tourism, exceeded $5 billion in 2022. He stated, “In 2023, the total value of Türkiye’s investments in the UK was $4.9 billion, while the total value of U.K. investments in Türkiye was $8.6 billion. However, I believe that these figures are well below their potential in terms of goods, services, and investments.”

“We are ready to conduct the first round of update negotiations this year during the week of June 10 in London. I believe that updating and expanding our FTA to different areas will contribute to the increase and diversification of our bilateral trade and will further enhance the strong cooperation and ties between our countries,” Bolat added.

According to the statement from the Ministry of Trade, the trade volume between Türkiye and the U.K. reached approximately $19 billion in 2023.

The U.K. is Türkiye’s fourth-largest export market, with an export volume of $12.4 billion. As of 2023, it ranks among the top 10 largest investor countries in Türkiye, with $8.6 billion in direct investments.

Turkish investments in the U.K. reached $4.9 billion in 2023.

Source: AA

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