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Turkiye, UK agree to update free trade agreement

July 19, 2023 at 11:00 am

Newly appointed Turkish Minister of Trade Omer Bolat in Ankara, Turkiye on June 04, 2023. [Doğukan Keskinkılıç – Anadolu Agency]

Turkiye and Britain have agreed to start talks to update their free trade agreement (FTA), Anadolu news agency reported.

Turkish Trade Minister Omer Bolat commented on the step saying it aims to “modernise” the FTA in order to broaden the market opportunities available to Turkish exports and products.

For his part, the British Ambassador to Ankara, Jill Morris, said the updated FTA will double the volume of trade between the two countries, which last year amounted to £23 billion ($30.7 billion).

The British ambassador described the two countries as “partners and allies”, adding that updating the FTA was “very exciting”.

The deal would replace the existing UK-Turkiye 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 statement said.

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