Kemi Badenoch, UK’s Business and Trade Secretary, embarks on a critical journey to Istanbul, Turkey, setting the stage for transformative trade discussions. This proactive step precedes the launch of negotiations for an upgraded UK and Turkey trade agreement, with a sharp focus on services trade.
Economic Ties Enter New Era
The trade dynamics between the UK and Turkey have flourished, registering a robust 17% growth, amounting to £26.2 billion as of June 2023. The existing trade deal, primarily covering goods, now eyes expansion into uncharted territories of services, digital, and data – sectors vital to modern commerce.
Agenda: Engagements and Landmark Deals
Secretary Badenoch’s agenda in Istanbul includes a strategic meeting with Ömer Bolat, Turkey’s Minister for Trade. The dialogue aims to propel UK-Turkish trade relations forward, setting the tone for the upcoming negotiations that will encompass services and digital industries.
A key highlight is the visit to Turkish Airlines, which recently entered a monumental deal with Airbus for 220 aircraft. The UK plays a significant role in this contract, with the aircraft wings designed in Bristol, constructed in North Wales, and Rolls Royce engines manufactured in Derby. This deal stands as a testament to the UK’s export prowess, injecting billions into the economy and supporting a myriad of skilled jobs.
Leaders Share Vision and Strategy
Secretary Badenoch’s visit is marked by optimism, showcasing the UK’s prominence as a global service exporter and the vast potential within Turkey’s burgeoning economy.
Nicola Watkinson of TheCityUK underscores Turkey’s significant growth prospects and the UK’s unique position to capitalize on these through innovative trade agreements.
Simon Harrison from Mott MacDonald Group brings to light the strategic importance of Turkey and the synergy between the UK’s professional services and Turkey’s construction expertise.
Crafting Trade Ties for the Future
This historic visit and the ensuing negotiations are not just about strengthening economic ties but sculpting a trade relationship that is resilient, adaptable, and future-focused. By embracing sectors like services, digital, and data, the UK and Turkey are not just responding to the current trade climate but actively shaping it.
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