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Free Trade Agreement is Signed Between with Turkey and UKimage

Free Trade Agreement is Signed Between with Turkey and UK

04/01/2021

Turkey signed a Free Trade Agreement with UK, which is the second country with the most trade. The uncertainties related to the trade structure between the UK and Turkey are eliminated with the agreement that will enter into force on 1 January 2021. It was stated that the agreement signed at the ceremony held via video conference includes all agricultural and industrial products.

Free Trade Agreement signed with between Turkey and UK comes into force on January 1, 2021

UK is the second country in Turkey is its the most exports

UK, which left the European Union with the Brexit process, also leaves the Customs Union on January 1, 2021. Along with these developments, the need for redefining the trade regime between Turkey and England was born. A critical and important agreement was signed in order to continue business without customs duty. This is the fifth largest deal of the agreement of UK signed with Turkey after Japanese, Canada, Switzerland and Norway.

UK has the world's sixth largest economy with a $ 2.74 trillion Gross Domestic Product, and it is among the most important trade partners of Turkey. According to data from the Ministry of Foreign Affairs of Turkey, UK ranks second among Turkey's top exporting countries. At the beginning of the products exported from Turkey to the UK, textile and off-the-shelfs, electrical and non-electrical machinery, gold, iron and steel products, motor vehicles, insulated wires, cables, and other electrical conductors. Automobile, iron and steel scrap parts, diesel and semi-diesel engine and medications are among the products which were imported from England to Turkey.

Trade Minister of Turkey Ruhsar Pekcan, expressing her satisfaction with the agreement made, said that; "This agreement is the cornerstone of a new and very special relationship in terms between Turkey and the United Kingdom. The agreement is the result of the common understanding among our governments to maintain and improve the framework of our current commercial and economic relations. With the strong contribution provided by the Free Trade Agreement we will sign, we will continue to take steps towards strengthening our bilateral trade and economic relations".

International Trade Minister of UK Liz Truss, who has an important place among the trade partners of Turkey, said that; "This agreement covers trade worth more than GBP 18 billion and provides vital certainty for the business community. It supports thousands of jobs across the UK in the manufacturing, automotive and steel industries. In the near future, it paves the way to new and more ambitious agreement with Turkey. This agreement is part of our plan to put the UK at the center of a modern network of deals with dynamic economies. More trade and investment will drive economic growth across the UK, and it will help us get back up stronger than Covid-19".

With the Free Trade Agreement signed between Turkey and the United Kingdom;

  • Customs taxes on industrial products were zeroized
  • Existing concessions with the EU in agriculture and processed agricultural products were scaled and reflected in new trade relations
  • With a provision added to the agreement, it has been agreed that the scope of the Free Trade Agreement will be extended to include areas such as services, investments, advanced agricultural concessions

To invest in Turkey will continue to bring in its investors in the year 2021

2021 will be a year invest in Turkey

Turkey with a strong and growing economy has always been a country that attracts the attention of investors. There are dozens of investment opportunities in different sectors waiting to be discovered in the country. The foreign trade activities are easily achieved in Turkey with European countries (Custom Union), and the other countries. In addition, many advantages await investors such as investment incentives provided by the Turkish Government, strategic position of the country, qualified workforce.

You can contact the experienced and professional sales consultants of Diyar Turk Gayrimenkul for being aware of the opportunities to invest in Turkey and learn more information.

 

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Diyar Turk Real Estate team

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