London, 5 January 2024 (TDI): The UK’s trade minister, Kemi Badenoch, will visit Istanbul on Friday to meet with Turkish counterpart Omer Bolat to strengthen connections before the anticipated start of talks for a new free trade agreement later this year.
Britain and Turkey have agreed that they can expand their existing free trade agreement, which was continued when Britain left the European Union.
“I’m delighted to be in Turkey ahead of talks to upgrade our existing trade deal to make it fit for the 21st century,” Badenoch said in a statement, noting Britain’s services sector in particular could benefit from any new agreement.
“Turkey presents huge opportunities for UK businesses… I’m excited to start discussions on ensuring our new trading relationship with Turkey unlocks those opportunities.” She added.
The UK is having serious discussions with India for a new trade deal. The trade ministry also wants to move forward with talks on trade deals that focus on services with Switzerland, Mexico, South Korea, and Turkey in 2024.
Badenoch will also go to Turkish Airlines during the trip. The airline plans to purchase 220 Airbus jets in a deal that the British government considers one of the largest export agreements for the UK. This is because the aircraft includes parts from Airbus and Rolls-Royce, both made in the country.
Many airplanes will have wings created in Bristol and constructed in northern Wales. Rolls-Royce will provide engines manufactured in Derby.
The Secretary of State will also meet UK and Turkish investors, including Ford and Mott MacDonald, to discuss how the UK and Turkey can boost investment in manufacturing, tech, and transport sectors.
“Turkey holds tremendous growth potential through the rising Middle East to Asia growth corridor,” TheCityUK managing director Nicola Watkinson said.
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“The UK is well-positioned to forge innovative and forward-looking trade agreements and be part of these exciting opportunities.
“This visit not only demonstrates the UK’s commitment to fostering stronger economic relationships but also sets the stage for an ambitious Free Trade Agreement that promises benefits for our industry.”
Simon Harrison, head of strategy at Mott MacDonald Group, said: “Turkey continues to play a key geostrategic role in the world and shares the UK’s position of being a large economy adjacent to the European Union, and hence a partner with whom trade ties matter.
“The UK-Turkey relationship is warm and long-standing, with many complementarities – for example UK professional services and Turkish construction are both world renowned, and these trade discussions provide an opportunity to build from a position of strength for both nations.”
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