As part of its ambition to foster stronger Turkey trade relationship, the UK Government today initiated a ‘Call for Input’ from businesses and the public to guide the negotiation objectives for an enhanced free trade agreement (FTA) with Turkey.
This call to action is a leap toward revitalising UK-Turkey economic connections. Commerce between these two nations soared to £23.5 billion last year, ranking Turkey within the UK’s top 20 trading partners. With exports spanning over 7,500 VAT-registered British businesses, including corporate giants like Vodafone, the trade footprint is significant.
The current FTA, anchored in 1990s agreements from the UK’s period within the EU, focuses exclusively on goods. The intent now is to craft a contemporary FTA that encompasses vital modern sectors such as services, technology, and digital trade.
The ‘Call for Input’ represents an open door for stakeholders across the spectrum to shape the UK’s trade negotiation agenda, ensuring the next-generation trade deal reflects the strengths and goals of British commerce.
Nigel Huddleston, International Trade Minister, will initiate this call at Vodafone’s Newbury headquarters. Vodafone’s significant investment in Turkey underscores the benefits that a rejuvenated trade partnership can offer.
Minister Huddleston conveyed eagerness for the input, emphasizing that trade deals are foundational to economic growth and job creation. With UK-Turkey trade volumes rising by over 30% last year, he anticipates the updated FTA will foster even more opportunities and provide British businesses with expanded access to Turkey’s vibrant market.
Turkey’s recent upturn in tech, manufacturing, transport, and infrastructure sectors prompts a call for global expertise, an advantageous position for UK firms. Service exports from the UK to Turkey already demonstrate strong performance, showing a 54% rise to £2.1 billion in 2022.
A forward-thinking FTA, with current provisions for service and digital trade, stands to amplify these successes, positioning UK businesses ahead of international competitors.
Backing this view, Serpil Timuray, Vodafone CEO of Europe Cluster and UK Country Representative for Turkey’s business councils, commented on the potential uplift a contemporary trade deal would bring, driving growth for Vodafone and like-minded companies and solidifying UK-Turkey economic relations.
Through this strategic engagement of business expertise, the UK sets a course for dynamic trade prospects with Turkey, crafting a blueprint for a richer, more interconnected commercial future.
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