Türkiye and the UK are set to expand their free trade agreement to target a bilateral trade volume of $30 billion. Turkish Foreign Minister Hakan Fidan and British Foreign Secretary David Lammy recently met in London to discuss updates to the existing pact, which has been in effect since 2021. The revision comes as part of a review process following Brexit and aims to enhance trade relations that began in 2022.
The updated agreement will encompass various sectors, including investments and additional concessions in agriculture, providing a more robust legal framework for businesses in both countries. In 2023, Türkiye’s exports to the UK reached $12.5 billion, while imports amounted to $6.5 billion, resulting in a trade surplus of $5.9 billion. For the first nine months of this year, Türkiye exported goods worth $11.2 billion to the UK and imported $5.1 billion, bringing the total trade volume to $16.3 billion with a surplus of $6.1 billion.
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