Brexit: Expert explains UK-Turkey free trade agreement
The agreement reached between London and Ankara will apply to thousands of British companies exporting machinery and other heavy good to Turkey. Services and Agriculture are also reported to come under the new trading relationship with both sides committed to increased economic ties across those sectors. The UK-Turkey trade agreement signed in December was one of the most important deals for the UK post-Brexit, with trade between the two nations reported to have been worth £18.6 billion last year.
TRT World Decoded reported: “The agreement secures preferential tariffs to nearly 8,000 British companies exporting machines, iron and steel to Turkey.
“While also protecting automotive and manufacturing supply chains.
“It will help American car manufacturer Ford for example which employs up to 7500 workers in the UK and has a Turkey-based operation as well.
“The deal also commits to expanding the trading scope between the two countries to include services and agriculture within two years.
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“Good news for Turkey’s farming sector,” he continued:
“Turkey, as we know, is the seventh-largest producer of agriculture and commodities from tea and olives to tobacco.
“Introducing British precision farming technology will help Ankara grow its production base
“Another area where Britain and Turkey are set to increase cooperation is in the defence and military sectors.”
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It comes as the UK is set to continue negotiations with the US over a potential deal and may miss the provisional deadline of 2021 to do so.
However, the BBC’s global trade correspondent, Dharshini David, claimed joining the group could be a “real boost” for US-UK trade relations.
She said: “The real boost could come in the future, if others join – in particular the US, as President Biden has hinted.
“That would give the UK that hoped-for trade deal with America – within a trading bloc wielding considerable power on the global stage.”
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If the US were to join the trade alliance and subsequently agree to a deal with the UK, it would be a massive boost for the Prime Minister due to the size of trade with Washington.
Overall, the CPTPP accounted for 8.4 percent of exports in 2019 and would reduce tariffs on exports such as whisky and automobiles.
International Trade Secretary Liz Truss told the BBC’s Andrew Marr: “In future, it’s going to be Asia-Pacific countries in particular where the big markets are, where growing middle-class markets are, for British products.
“Of course British businesses will have to reach out and take these opportunities, but what I’m doing is I’m creating the opportunities, the low tariffs, removing those barriers so they can go out and do that.”
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