The United Kingdom and Turkey are set to sign a deal on Tuesday to extend their trading arrangements, making it the first since British Prime Minister Boris Johnson secured a new trade agreement with the European Union.
The UK-Turkey deal would replicate the existing trading terms between Ankara and London, but British trade minister Liz Truss said on Sunday that she was hopeful a bespoke arrangement between the countries could be struck soon.
“The deal we expect to sign this week locks in tariff-free trading arrangements and will help support our trading relationship. It will provide certainty for thousands of jobs across the UK in the manufacturing, automotive and steel industries,” Truss said in a statement.
“We now look forward to working with Turkey towards an ambitious tailor-made UK-Turkey trade agreement in the near future.”
The trading relationship was worth 18.6 billion pounds ($25.25bn) in 2019, and the UK said it was the fifth-biggest trade deal the trade ministry had negotiated after agreements with Japan, Canada, Switzerland and Norway.
The UK has now signed trade agreements with 62 countries ahead of the end of the Brexit transition period on January 1, when it leaves the EU’s trading arrangements.
It clinched its narrow trade deal with the EU, its biggest trading partner, last week.
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Source: Reuters
