According to Reuters, the British Ministry of Trade stated that the UK and Turkey are scheduled to sign an agreement on the 29th to expand the trade arrangement between the two sides. This will be the first agreement signed after Boris Johnson, British Prime Minister, reached a new trade agreement with the European Union.
It was reported that the agreement between the UK and Turkey will replicate the existing trade terms between the two countries, but the British Secretary of Trade Liz Truss expressed on the 27th that he hoped that a customized agreement could be reached soon.
Truss added in a statement, “We expect the agreement to be signed this week will lock in a zero-tariff trade arrangement and will help support our trade relations. This will provide certainty for thousands of jobs in manufacturing, automotive and steel industries in British.”
He also said, “We are looking forward to cooperating with Turkey and reaching an ambitious UK-Turkey trade agreement tailored to the needs of both parties in the near future.”
The total trade volume between the two sides in 2019 reached 18.6 billion pounds. The UK stated that this is the fifth largest trade agreement negotiated by the British Department of Trade after reaching agreements with Japan, Canada, Switzerland and Norway.
