Turkish Trade Minister Ömer Bolat stated that economic relations between his country and Britain are growing stronger daily and are paving the way for the signing of an updated free trade agreement soon.
This came in a speech on Wednesday at the opening of the Turkey-UK Business Forum, organized by the Foreign Economic Relations Board of Turkey (DEİK) and the Institute of Directors (IOD) in London.
Bolat explained that the United Kingdom is the third largest destination for Turkish exports, with a value of $15.3 billion last year.
He stated that Turkey, by offering strong investment incentives and a highly efficient approach, has become a hub for many international companies.
He added that British companies’ investments in Turkey reached $9 billion in 2023, noting that this is an indication of investor confidence in the Turkish economy and its potential.
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In contrast, Turkish investments in the UK amounted to $4.3 billion, according to the minister, noting that the contracting sector leads in various sectors.
Bolat emphasized that the strong increase in economic relations between the two countries provides the ambition and impetus for signing an updated free trade agreement between the two countries.
Turkey and the UK signed a free trade agreement in December 2020, just days before the UK’s exit from the European Union, based on the principle of mutual benefit. The two countries announced their intention to update it last July.
The new free trade agreement, which also covers areas such as trade and digital services, will provide the opportunity for a 21st-century agreement that will be more suited to the modern economies of both the UK and Turkey.
