UK signs free trade agreement with Turkey

How you import from Turkey will change from 1 January 2021.

Britain on Tuesday (29 December) announced it had signed an £18.6 billion (€20.5 billion) trade deal with Turkey that “lays the groundwork” for a more comprehensive post-Brexit agreement in the future.

Trade between London and Ankara was worth £18.6bn in 2019, and the UK is Turkey’s second-biggest export market, mostly for precious metals, vehicles, textiles and electrical equipment.

The agreement “paves the way for a new, more ambitious deal with Turkey in the near future, and is part of our plan to put the UK at the centre of a network of modern agreements with dynamic economies”, said trade minister Liz Truss.

Andy Burwell, director at business lobby group CBI, said Turkey’s deep trading relationship with the EU meant an agreement was “complicated”.

But the “pace at which the deal has been finalised… shows the strength and depth of the relationship”, he said.

For more information, please visit below links

https://www.gov.uk/government/news/uk-and-turkey-sign-trade-deal

https://www.gov.uk/guidance/summary-of-the-uk-turkey-trade-agreement

https://www.theguardian.com/politics/2020/dec/29/uk-signs-free-trade-agreement-with-turkey

https://uk.reuters.com/article/uk-britain-eu-turkey-idUKKBN293157

https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/uk-turkey-sign-post-brexit-trade-deal-61918576

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