The UK and Turkiye have a strong economic relationship, with trade between the two totalling around £28 billion (~$37.29 billion) in 2024, making Turkiye the UK’s 16th largest trading partner, with UK companies already exporting £9.3 billion (~$12.40 billion) of goods and services to its growing market of 86 million people.
Ministers affirmed the importance and strength of the UK-Turkiye trading bilateral relationship, committed to continue to pursue closer cooperation and increased trade and investment, and underlined the importance of defending free trade, the UK government said on its website.
UK and Turkish trade ministers met in London to strengthen economic ties, with bilateral trade reaching £28 billion (~$37.19 billion) in 2024.
They confirmed plans to begin free trade agreement (FTA) negotiations by the end of July and signed an updated Technical Barriers to Trade chapter, aligning it with UK–EU standards to ease business costs and boost trade.
They also confirmed their intention for the first round of free trade agreement negotiations to take place by the end of July.
The meeting concluded with the signing of an upgraded Technical Barriers to Trade (TBT) chapter, in the form of an amendment to the 2020 UK–Turkiye Free Trade Agreement. This updated chapter aligns UK–Turkiye TBT provisions more closely with those in the UK–EU Trade and Cooperation Agreement (TCA), reducing costs and making it easier for businesses to trade.
Fibre2Fashion News Desk (RR)
