Brexit Britain takes next step towards bumper new trade deal with Turkey
Badenoch hails CPTPP trade deal
Britain is set to unleash “huge opportunities” as it prepares to open trade talks with Turkey to give full access to its economy worth more than £800billion in GDP.
The Government will today launch a “Call for Input” giving businesses, organisations and individuals the opportunity to shape Britain’s negotiating aims ahead of key talks due to start next year.
The announcement comes hot on the heels of Business and Trade Secretary Kemi Badenoch revealing the date for a trade agreement with Florida.
International Trade Minister Nigel Huddleston said: “The UK is seizing the initiative on the world stage, and making the most of our post-Brexit freedoms to help British businesses sell to massive economies and growing global markets.
“Turkey’s strategic location – where Europe, Asia and the Middle East meet – make it a historic, global hub for international trade, and their modern, dynamic economy presents huge opportunities for British firms.
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“Our future trade deals will only work if they match the needs of our economy.
“We need businesses of all sizes and across all sectors to tell us the issues they currently face trading with Turkey, where they see the most exciting areas for growth, and how we can help them realise that growth through a strong, comprehensive free trade agreement.
“I look forward to seeing what businesses say and to making this very exciting new deal a reality.”
Mr Huddleston will mark the launch with a visit to Vodafone’s Newbury headquarters this morning. The telecoms giant is one of the UK’s largest investors in Turkey.
The current trade deal with Ankara inherited after the UK left the EU was rolled over after Brexit and only covers goods.
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The UK wants to modernise the agreement to include sectors such as services, tech and digital.
Turkey is already a top 20 trading partner for Britain, with trade between the two countries reaching £23.5billion last year.
UK services exports to Turkey also jumped by 54 percent to £2.1 billion in 2022.
It is hoped a new pact tailored to Britain’s strengths as a services superpower will provide a further boost.
While both countries have been keen to expand their trading relationship, talks were held up because of the Turkish election earlier this year.
The UK and Turkey have had strong ties through their relationship in NATO.
But with President Recep Tayyip Erdogan back in power, the UK and Turkey are now progressing on reaching a much better agreement than the one they were limited to while Britain was in the EU.
Turkey’s Ambassador to the UK Osman Koray Ertaş said: “We also look forward to updating the current FTA with the UK.
“The Turkish side is also doing its internal work and talking to all stakeholders to be able to sit for official negotiations early next year.
“We believe that an updated FTA will increase the Turkish-UK strategic relationship, increase trade and support businesses.
“We hope that the internal procedures will be completed and negotiations will start soon.”
It comes as a free trade agreement with India is on the horizon, while Britain earlier this year joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Indo-Pacific trade bloc in the biggest post-Brexit deal to date.
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