Turkey and UK sign trade plan ahead of FTA upgrade
- Aim for $40bn in two-way commerce
- Plan signed during talks in London
- ‘Significant progress’ towards new FTA
Turkey and the UK have signed an action plan to help achieve bilateral commerce of $40 billion as talks to conclude an upgraded free trade agreement (FTA) continue.
The joint economic and trade committee (Jetco) action plan, which includes 16 concrete measures, was signed during talks in London between Turkish trade minister Omer Bolat and UK secretary of state for business and trade Peter Kyle, the state-run Anadolu news agency reported.
Anakara will maintain and strengthen cooperation with the UK in trade and investment, and work to elevate trade relations to the level of a strategic partnership, Bolat said in a post on social media platform X.
He said significant progress had been made in negotiations to modernise the FTA between the two countries, but did not provide further details.
The UK-Turkey FTA entered into force in 2021. Trade between the two countries rose by $1.8 billion in 2024 to $24 billion.
The two sides aim to reach $30 billion in the short term and $40 billion in the medium term.
In December Chris Gaunt, chair of the British Chamber of Commerce, said an upgraded FTA between Turkey and the UK is likely to come into force in the second half of 2026.
Further reading:
- Turkey’s finances hold firm despite record public debt
- Turkey ends 2025 with stronger economy despite high inflation
- Turkish economy to expand despite tight monetary policy
In the same month, Bolat said Ankara was pursuing free trade talks with the Gulf Cooperation Council.
“Free trade negotiations with the GCC are still underway. Our free trade pacts with the UAE and Qatar have already entered into effect,” he said.
Turkey’s exports hit a record high of $396 billion in 2025, driven by the automobile and defence sectors, President Recep Tayyip Erdoğan has said.
You May Also Like
DeFi Platform Operating on BNB Chain Attacked by Hackers! How Much Lost? Here Are the Details
Solana Price Prediction Stuck at $85 While Pepeto Presale Delivers What Solana Holders Have Been Waiting For
