THE BUSINESS OF INTERNATIONAL TRADE
The UK's Regional Trade Commissioner for the EECAN Region, Judith Slater, spoke at an online business forum last week (October 8th), explaining that some elements of a UK-Turkey Free Trade Agreement "will have to wait" until any UK-EU agreement becomes clear.
Speaking at the business event, hosted by Chamber International, Slater gave a positive update on UK-Turkish negotiations, reporting that a number of chapters in the agreement are "done and dusted" and "already closed", but that the final agreement relies on a better understanding of the state of UK-EU agreements, as Turkey is a member of a customs union with the EU.
Reporting on the event, Chamber International said that "Trade between Turkey and the UK" is "increasingly valuable", explaining that "British exports to Turkey surged by 35% in 2018, with bilateral trade worth £19 billion per year, before the onset of Covid-19. Only Germany imports more goods and services from Turkey than the UK does, in value terms".
Attendees to the forum also heard from Lord Janvin, the Prime Minister's Trade Envoy, who said that "Turkey offers real opportunities, and I urge you to think long-term, and think fundamentals ... It’s a gateway to the middle-east and central Asia, and it’s not surprising that many multinationals, Vodafone among them, have chosen Turkey as a regional hub, orchestrating regional operations from there".
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