• Wednesday, Mar 03, 2021
  • Last Update : 08:44 pm

UK, Turkey sign $25bn post-Brexit trade deal

  • Published at 09:08 pm December 29th, 2020
UK EU Brexit
File photo: An anti-Brexit protester holds a placard, ahead of a European Union leaders summit, in Brussels on October 15, 2020 Reuters

Britain has now signed trade agreements with 62 nations following its 2016 decision to leave the EU

Britain on Tuesday announced it had signed a $25 billion trade deal with Turkey that "lays the groundwork" for a more comprehensive post-Brexit agreement in the future.

Ahead of the signing, Turkish President Recep Tayyip Erdogan said it would be "our most important agreement since the customs union deal" which Turkey struck with the European Union in 1995.

Given Turkey's status in the EU customs union, Britain had to wait until it finally agreed a trade deal with Brussels last week before it could finalize the terms of the agreement with Ankara.

The British government called the deal with Turkey, which largely replicates the current trading relationship, a "major win for UK automotive, manufacturing and steel industries."

The agreement "paves the way for a new, more ambitious deal with Turkey in the near future, and is part of our plan to put the UK at the centre of a network of modern agreements with dynamic economies," said trade minister Liz Truss.

Preferential tariffs will be maintained for the 7,600 UK businesses that export goods to Turkey, protecting supply chains for automotive manufacturers based in Britain. 

US auto giant Ford welcomed the announcement, with European president Stuart Rowley calling it "extremely significant."

Ford's Dagenham factory in London exports much of its diesel engine production to the Ford Otosan joint venture in Turkey, where the engines are fitted into Ford Transit vehicles.

"Given that Ford and Ford Otosan business constitutes more than 10% of the total trade volume between the UK and Turkey, this trade agreement is extremely significant for us and will help to secure jobs in both countries," Rowley said.

Britain has now signed trade agreements with 62 nations following its 2016 decision to leave the EU.

Andy Burwell, director at business lobby group CBI, said Turkey's deep trading relationship with the EU meant an agreement was "complicated."

But the "pace at which the deal has been finalised... shows the strength and depth of the relationship", he said.

53
Facebook 52
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail