Free Trade Agreement is Signed Between with Turkey and UK
Turkey signed a Free Trade Agreement with the UK, which is the second country with the most trade. The uncertainties related to the trade structure between the UK and Turkey are eliminated with the agreement that will enter into force on 1 January 2021. It was stated that the agreement signed at the ceremony held via video conference includes all agricultural and industrial products.
The UK is the second country in Turkey is its the most exports
The UK, which left the European Union with the Brexit process, also leaves the Customs Union on January 1, 2021. Along with these developments, the need for redefining the trade regime between Turkey and England was born. A critical agreement was signed to continue business without customs duty. This is the fifth-largest deal of the agreement the UK signed with Turkey after Japan, Canada, Switzerland, and Norway.
The UK has the world's sixth-largest economy with a $ 2.74 trillion Gross Domestic Product, and it is among the most important trade partners of Turkey. According to data from the Ministry of Foreign Affairs of Turkey, the UK ranks second among Turkey's top exporting countries. At the beginning of the products exported from Turkey to the UK, textile and off-the-shelf, electrical and non-electrical machinery, gold, iron and steel products, motor vehicles, insulated wires, cables, and other electrical conductors. Automobile, iron, and steel scrap parts, diesel and semi-diesel engine, and medications are among the products which were imported from England to Turkey.
Trade Minister of Turkey Ruhsar Pekcan, expressing her satisfaction with the agreement made, said; "This agreement is the cornerstone of a new and very special relationship in terms between Turkey and the United Kingdom. The agreement is the result of the common understanding among our governments to maintain and improve the framework of our current commercial and economic relations. With the strong contribution provided by the Free Trade Agreement we will sign, we will continue to take steps towards strengthening our bilateral trade and economic relations".
International Trade Minister of the UK Liz Truss, who has an important place among the trade partners of Turkey, said; "This agreement covers trade worth more than GBP 18 billion and provides vital certainty for the business community. It supports thousands of jobs across the UK in the manufacturing, automotive, and steel industries. Shortly, it paves the way for a new and more ambitious agreement with Turkey. This agreement is part of our plan to put the UK at the center of a modern network of deals with dynamic economies. More trade and investment will drive economic growth across the UK, and it will help us get back up stronger than Covid-19".
With the Free Trade Agreement signed between Turkey and the United Kingdom;
- Customs taxes on industrial products were zeroized
- Existing concessions with the EU in agriculture and processed agricultural products were scaled and reflected in new trade relations
- With a provision added to the agreement, it has been agreed that the scope of the Free Trade Agreement will be extended to include areas such as services, investments, advanced agricultural concessions
2021 will be a year invest in Turkey
Turkey with a strong and growing economy has always been a country that attracts the attention of investors. There are dozens of investment opportunities in different sectors waiting to be discovered in the country. The foreign trade activities are easily achieved in Turkey with European countries (Custom Union), and the other countries. In addition, many advantages await investors such as investment incentives provided by the Turkish Government, the strategic position of the country, and a qualified workforce.
You can contact the experienced and professional sales consultants of Diyar Turk Gayrimenkul for being aware of the opportunities to invest in Turkey and learn more information.
