Türkiye and UK Sign New Agreements to Advance $40 Billion Trade Goal
LONDON
Türkiye and the United Kingdom have signed new agreements aimed at expanding bilateral trade, as both countries move toward a long-term trade target of $40 billion.
The agreements were finalized on Thursday during the eighth meeting of the Türkiye–UK Joint Economic and Trade Committee (JETCO), held in London during a visit by Turkish Trade Minister Omer Bolat.
As part of the talks, both sides signed a new JETCO Action Plan that includes 16 concrete measures. They also concluded a Mutual Recognition Agreement on Authorised Economic Operators, designed to ease trade procedures and improve cooperation.
High-Level Talks Focus on Trade and Investment
During the visit, Bolat met with UK Secretary of State for Business and Trade Peter Kyle. The discussions focused on strengthening bilateral trade, deepening economic cooperation, and exploring new investment opportunities based on mutual trust and a shared interest in long-term gains.
In a statement shared on social media platform X, Bolat said Türkiye remains committed to strengthening its broad cooperation with the UK, particularly in trade and investment. He added that both sides aim to elevate their economic ties to the level of a strategic partnership.
Bolat also expressed confidence that the long-standing friendship between the two countries will continue to deliver positive results in the economic field and support shared goals for sustainable development.
Progress on Trade Framework and Free Trade Agreement
According to Bolat, the London meeting produced significant outcomes beyond the JETCO Protocol. He said the newly signed Action Plan will play a key role in expanding and deepening bilateral cooperation.
In addition, Bolat said negotiators made notable progress toward modernizing the free trade agreement between Türkiye and the UK. He described the talks as productive and said the agreements will bring renewed momentum to the economic partnership.
Engagement with Businesses and Investors
Bolat also held meetings with representatives of Turkish private sector organizations, leading UK companies, and relevant institutions.
He highlighted Türkiye’s young and skilled workforce, its strategic location offering access to new markets, and what he described as the most comprehensive investment incentive program in the country’s history. He said these factors make Türkiye an attractive destination for foreign investment.
Moreover, he noted that Turkish companies continue to strengthen their global presence through cooperation with British and other international partners.
Trade Growth and Future Targets
Discussions also covered a previously signed memorandum of understanding on cooperation in third countries, particularly in the contracting sector. Bolat said this framework could help unlock new investment opportunities.
The existing UK–Türkiye Free Trade Agreement, which came into force in 2021, has already boosted bilateral trade. Over the past four years, trade volume has increased by more than $5 billion.
In the past year alone, bilateral trade rose by $1.8 billion to reach $24 billion. Both countries now aim to raise trade to $30 billion in the short term and $40 billion in the medium term.
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