Turkey-UK trade may reach $20B: Business leader

ISTANBUL- A great Turkish business leader told that British officials have come to a decision of raising bilateral trade with Turkey to up to $20 billion by 2023.

Head of the Foreign Economic Relations Board’s (DEIK) Turkey-UK Business Council; Osman Okyay said that last year the bilateral trade was $16.3 billion with most of it – $11.2 billion- made up of Turkish exports.

The United Kingdom was in the list of among 17 countries where in five priority sectors Turkey accelerated exports. Those five sectors include machinery, automotive, electric and electronics, chemicals, and the food industry.

Brexit gives significant opportunities to enhance the bilateral trade volume, if the EU and UK by the end of the following year would make a reach to deal, he underlined.

Before the completion of the EU-British agreement which is being negotiated now, Turkey due to the [Turkey-EU] Customs Union, Turkey is unable to make a sign to a free trade agreement (FTA) with the United Kingdom, he said further adding that there found unofficial negotiations for a free trade deal between the two countries.

He explaining the result of coronavirus, said the pandemic affected the trade of both countries badly, with Turkey’s exports dropping 57% in April on a yearly basis. Global supply chains will change, local centers will rise when the pandemic meets an ending. There seems lots of benefits for Turkey,having production space in its region, he said.

He considered the defense sector a necessary sector for both sides and corporation between Turkey and United Kingdom would receive more importance post-Brexit.

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