UK to sign free trade deal with Turkey on Tuesday

UK to sign free trade deal with Turkey on Tuesday

London: The UK and Turkey will sign a free trade agreement on Tuesday, which replicates the existing trading terms between Ankara and London.

Meanwhile, British trade minister Liz Truss said that the UK is hopeful a bespoke deal between the countries could be struck soon.

"The deal we expect to sign this week locks in tariff-free trading arrangements and will help support our trading relationship. It will provide certainty for thousands of jobs across the U.K. in the manufacturing, automotive and steel industries," Truss said in a statement.

"We now look forward to working with Turkey toward an ambitious tailor-made U.K.-Turkey trade agreement in the near future," She added.

The trading relationship was worth more than 25 billion dollars in 2019, and Britain said it was the fifth-biggest trade deal the trade ministry had negotiated after agreements with Japan, Canada, Switzerland and Norway.

Britain has now signed trade agreements with 62 countries ahead of the end of the Brexit transition period on Jan. 1, when it leaves the EU's trading arrangements.

In a major breakthrough, it clinched a narrow trade deal with the EU, its biggest trading partner, last week after 10 months of intense negotiations.

Turkish Trade Minister Ruhsar Pekcan has said that Ankara was following the Brexit process "minute by minute" in order to enact its free trade agreement (FTA) with the U.K.

The minister said they are continuing to work synchronously with both parties to ensure that the FTA between Turkey and the U.K. comes into force at the same time.

Any Turkey-U.K. deal would only be able to take place following an EU-U.K. free trade agreement, as Turkey is a member of the EU Customs Union.

The U.K. is Turkey’s second-largest trading partner after Germany.