Turkiye and the UK to begin talks on revising Free Trade Agreement

Turkiye announced on Wednesday that it has reached an agreement with the United Kingdom to initiate negotiations aimed at revising their existing Free Trade Agreement (FTA). The discussions, set to take place in Ankara, are part of broader efforts by both nations to bolster their economic ties.

The announcement followed a virtual meeting between Turkiye’s Trade Minister, Omer Bolat, and the UK’s newly appointed Business and Trade Minister, Jonathan Reynolds. Reynolds, a member of the Labour Party, assumed his role after the party’s return to government following a landslide victory in the 4 July election, ending 14 years in opposition.

Bolat described the talks as productive, with both sides focusing on tangible steps to increase trade volumes, encourage investments and deepen bilateral cooperation. “We focused on concrete actions to boost trade volume, promote investments and strengthen our collaboration,” Bolat wrote on social media platform X.

The two countries are targeting to surpass $20 billion (TL 671.08 billion) in bilateral trade in 2024, with discussions centred on measures necessary to achieve this goal. Bolat emphasized that expanding the FTA to include services and investments would be crucial in reaching the ambitious trade volume target of $30 billion, a goal set by the leaders of both countries.

In 2023, Turkiye and the UK recorded a bilateral trade volume of $19 billion. Bolat also highlighted the importance of collaboration in renewable energy and transportation projects, noting that financing partnerships between the two nations could play a vital role in these sectors.

The upcoming negotiations mark a significant step in strengthening the economic relationship between Turkiye and the United Kingdom, as both nations seek to adapt their trade agreements to better reflect current economic realities and future opportunities.

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