Brexit won't hurt Turkish-UK trade: Economy ministers

Brexit will have no negative impact on economic ties between London and Ankara, Turkey’s economy minister predicted on Friday.

During his meeting with Liam Fox, Britain’s secretary of state for international trade, Nihat Zeybekci said the countries will explore signing a comprehensive free trade agreement to maintain business ties without a hitch.

“We have decided to take all necessary steps to continue trade, economic, and investment relations between Turkey and the UK in a normal manner in the post-Brexit period,” Zeybekci said.

In the first half of 2017 Turkey and Britain hope to bring together representatives of the private sector and ministerial officials from both countries for a Joint Economic Commission meeting and a business forum, he added.

Fox said that as it exits the EU, Britain wants to continue its deep strategic partnership with Turkey, adding that trade ties between the two countries have long been strong.

“We [also] need to see that deepened in an investment relationship,” he said.

“The British government is very keen to see greater outwards direct investment from the UK.”

Saying that Britain wants a stronger and more developed partnership with Turkey, Fox added that UK companies should invest further in Turkey, where the British private sector already has strong collaboration.

Mentioning an IMF estimate that 90 per cent of the global economic growth in the next decade is likely to be outside the European continent, Fox suggested that Turkey and Britain should use their various far-flung relationships to their mutual benefit.