Turkey Free Trade Agreement has been signed with the United Kingdom

turkey united kingdom with the free trade agreement was signed between
turkey united kingdom with the free trade agreement was signed between

Trade Minister Ruhsar Pekcan, United Kingdom with the Free Trade Agreement between Turkey (FTA) with the Customs Union, while maintaining the gains brought about for 25 years, United Kingdom with relations further deepen in the direction reported they had taken the first step.

The signing of the Free Trade Agreement between Turkey and the United Kingdom due to the ceremony, the Minister Pekcan United Kingdom with the participation of International Trade Minister Liz Truss video conferencing method.

Pekcan pointed out that with the separation of the United Kingdom from the European Union (EU), there was a need to re-define the trade regime between the two countries and stated that a preferential trade regime between the countries on a bilateral basis will be established with the agreement signed today.

With FTA signed between Turkey and the United Kingdom, he said bilateral trade is active and will continue seamlessly Pekcan, "This agreement will be the biggest guarantee of the development of our trade between Turkey and the United Kingdom in the coming period. It will ensure that our companies can export to the UK easily and smoothly in the sectors where we are competitive. " he spoke.

Pekcan, the United Kingdom, that separated officially from the year ended January 31, 2020 the European Union and recalling that this year until the end of a transition period foreseen, Turkey as they followed this process closely, said they spent quite a busy working.

Stating that they carried out a heavy diplomacy traffic with both EU and UK authorities throughout the year, Pekcan said:

"Our main goal as Turkey, without prejudice to the origin of our trade relations with the Customs Union with the European Union, the United Kingdom was to sign a trade agreement we desire. As of today, we have achieved our goal. With the signing of the agreement shortly, there will be no uncertainty regarding the trade structure between us and the UK. Our business will continue with its usual efficiency and I believe it will develop further. We are taking the first step towards deepening our relations with the United Kingdom under the Free Trade Agreement, which we will sign, while preserving the gains of the Customs Union over 25 years. "

"All uncertainties, legal and technical handicaps have disappeared"

Ministers Pekcan, stressing it was not easy getting to this point was reported to the EU and the United Kingdom in spite of the uncertainty in the negotiations for a long time as Turkey, United Kingdom that they continue negotiations on the technical level and the upper level they realized many contacts.

On the one hand he explained that the lawsuit consultations about the process with the EU authorities Pekcan, said that Turkey is a versatile terms of trade diplomacy process is going on.

Pekcan, said they made ready the draft agreement signed with the United Kingdom finally in Turkey, "is about to be completed years now and are about to expire transition period, the United Kingdom and at the point of signing a free trade agreement between the United Kingdom and our country by an agreement between the EU all the uncertainties and all legal and the technical barriers were removed. In this context, we are very pleased to sign our agreement with the UK as of today. " said.

Stating that they signed a very critical and important agreement, Pekcan said, “Our Customs Union relationship with the UK will end on January 1, 2021. We absolutely had to protect the opportunities and gains brought by the Customs Union. " used the expressions.

Stating that they always tell business people to be “of good cheer” during the year, Pekcan said, “We stated to them that we will establish a solution that will not eliminate our existing trade opportunities with the UK and that we are doing all the necessary work for this. Today, we are pleased to meet the expectations of our business people and to fulfill our promises to them. Our business people can continue their business with the UK, which is a critical market for us in every respect. " he spoke.

Pekcan emphasized that he hopes that the agreement will lead to a different momentum in trade and said, “Without the agreement, approximately 75 percent of our exports to the UK would be faced with a tax burden and we would have a loss of approximately 2,4 billion dollars. This risk is now gone. " said.

Pointing out that there is a wide range of partnership relations with the UK from trade to investments, Pekcan reminded that last year exports were 11,2 billion dollars and imports were 5,6 billion dollars.

Pekcan, United Kingdom, Turkey's exports after Germany had taken second place, particularly in the automotive, television, stating that include white goods and apparel leading market for exports in many sectors, especially, need to production and supply chains both in terms of investments in the United Kingdom stressed that a very valuable partner for Turkey.

"The agreement includes all industrial and agricultural products"

According to balance of payments data, Turkey, United Kingdom, indicating that the source investment of 11,6 billion dollars Pekcan, continued as follows:

“I consider that our Free Trade Agreement will positively reflect on mutual investments. As the parties, we aimed to conclude a 'no tariff' Free Trade Agreement. This happened. The agreement includes all industrial and agricultural products. We will implement the agreement we will sign today, without delay. The agreement will take effect on January 1, 2021 and we will have no loss of time.

In the coming days, we will continue to cooperate with the UK Government and take the necessary steps together to complete the FTA transition process completely and smoothly. On the other hand, we hope to start working as soon as possible to expand the agreement to include areas such as investments and services. We will discuss how we can improve market entry conditions in agriculture. In some sectors, we will focus on issues such as mutual recognition. We will continue to work to deepen our relations. "

"This agreement is a new and very special milestone"

Pekcan expressed his gratitude to the UK Minister of International Trade, Liz Truss, his team and all relevant authorities and the Ministry of Commerce staff for their spirit of cooperation and constructive work towards signing the agreement.

“Of course, our heart was to physically sign this text in Istanbul in our country, together with Mr. Truss. As a matter of fact, we have had preparations in this direction in the past weeks. However, both pandemic conditions, mutation and the prolongation of the negotiations between the EU and the UK did not allow this. I hope we will host Mr. Truss in our country at the first opportunity in 2021 and discuss face to face how we will benefit more from this agreement.

Mr. Truss, in the global conjuncture we are in, in such a period where uncertainty and risks are intense and the coronavirus deeply affects international trade and value chains, it is very valuable to complete our agreement. I would like to thank you once again for your support in the completion of this agreement, which will provide a new and solid ground for our commercial relations between our countries. "

Turkey and the United Kingdom this critical and historic agreement signed between voicing their wishes to be auspicious auspicious Pekcan, "This agreement, Turkey and the United Kingdom is the cornerstone of a new and very special relationship in terms of kilometers. The agreement is the result of the common understanding and will among our governments to maintain and improve the framework of our current commercial and economic relations. We will continue to take steps towards strengthening our bilateral trade and economic relations with the strong contribution of the Free Trade Agreement we will sign. " he spoke.

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