The UK and Türkiye have today [18 July] announced plans to begin talks on an updated free trade agreement (FTA).
The deal would replace the existing UK-Türkiye FTA, which was rolled over from when the UK left the European Union and doesn’t cover key areas of the UK economy like services, digital and data. The UK is the second biggest services exporter in the world – behind only the US, and the services sector contributes around 80% of the UK’s GDP.
A new deal could boost trade and help UK companies maximise opportunities in this area, driving economic growth – one of the Prime Minister’s priorities.
The announcement follows a call between UK Business and Trade Secretary Kemi Badenoch and Turkish Minister for Trade Ömer Bolat last week, where they committed to negotiating a new deal and deepening the trade relationship between the two countries.
The UK-Türkiye Joint Committee consisting of the UK’s Chief Negotiator and officials from both sides – responsible for overseeing implementation of the current agreement – will meet today in Ankara, Turkey’s capital city to formally conclude the review of the current agreement and move towards renegotiation of the Free Trade Agreement.
