Britain and Turkey signed a free trade agreement on Tuesday as Britain prepares to leave the European Union economic market starting in the new year, with Britain representing Turkey’s second largest export market.
The deal, which is scheduled to enter into implementation on January 1, aims to support trade between the two countries, which amounted to more than 25 billion dollars in 2019, and is considered one of several trade agreements that the British government seeks to conclude with other countries around the world for the post-Brexit.
This deal comes a few days after the conclusion of a trade agreement between Britain and the European Union, as Britain exited the European Union on January 31, 2020, but while continuing to follow the business regulations of the Union and considering it within the customs union during a transitional period that ends on December 31.
Turkish Trade Minister Ruhsar Pekcan and British Ambassador to Turkey Dominick Chilcott signed the joint agreement.
In a statement to the British government, it stated that the deal would secure existing preferential tariffs for approximately 7,600 British businesses that exported goods to Turkey in 2019, ensuring the continued flow of duty-free goods, and both parties stated that the deal would lead to a more comprehensive agreement in the future.