Britain and Turkey are set to signal a free commerce deal on Tuesday, the UK commerce ministry mentioned on Sunday, the primary since Prime Minister Boris Johnson secured a brand new commerce settlement with the European Union.
The 2 nations will signal a deal that replicates the present buying and selling phrases between Ankara and London, however British commerce minister Liz Truss mentioned that she was hopeful a bespoke deal between the international locations could possibly be struck quickly.
“The deal we anticipate to signal this week locks in tariff-free buying and selling preparations and can assist help our buying and selling relationship. It’s going to present certainty for hundreds of jobs throughout the UK within the manufacturing, automotive and metal industries,” Truss mentioned in a press release.
“We now look ahead to working with Turkey in direction of an formidable tailored UK-Turkey commerce settlement within the close to future.”
The buying and selling relationship was value 18.6 billion kilos ($25.25 billion) in 2019, and Britain mentioned it was the fifth largest commerce deal the commerce ministry had negotiated after agreements with Japan, Canada, Switzerland and Norway.
Britain has now signed commerce agreements with 62 international locations forward of the top of the Brexit transition interval on Jan. 1, when it leaves the EU’s buying and selling preparations.
It clinched its slender commerce cope with the EU, its largest buying and selling associate, final week.
Supply: Reuters (Reporting by William James and Alistair Smout in London and Radhika Anilkumar in Bengaluru; Enhancing by Alison Williams)