The existing UK-Turkey trade agreement is set for expansion according to an announcement made by Foreign Minister Hakan Fidan during a joint press conference in Ankara, alongside his British counterpart James Cleverly. The aim is to diversify the bilateral trade volume, which reached nearly $20 billion in 2022 under the current trade agreement signed in December 2020.
Strengthening Bilateral Ties and Diversifying
Both countries delved into regional and international matters. Their discussion included the Ukraine war, the Black Sea Grain Initiative restoration, and the Syria conflict. Minister Fidan emphasized the fruitful cooperation in tourism, highlighting that the UK is now one of the leading countries sending tourists to Türkiye. Moreover, Cleverly emphasized the significance of the relationship, citing Türkiye as an “indispensable partner” crucial to the UK’s collective security and well-being. He noted the growing trade between the two nations. And announced their intention to negotiate a new, enhanced free UK-Turkey trade agreement. This aims to tap into 21st-century opportunities, covering digital trade and trade in services.
Stepping into the Future: Advancing Strategic Cooperation
Both parties also highlighted the importance of cooperation in the defense industry. Fidan stressed their mutual commitment to advancing strategic cooperation through concrete projects. It underscored the significance of the Türkiye-Iraq Development Road project. This initiative, involves Türkiye, Iraq, the UAE, and Qatar. It aims to establish new trade routes and enhance economic connectivity in light of recent geopolitical developments. It is also one of the most important UK-Turkey trade agreements that has been concluded so far.
Discovering Innovative Economic Routes for Development
In the ever-changing global landscape, the significance of alternative economic schemes is becoming increasingly evident. Fidan pointed out recent developments, such as the trade agreement for the India-Middle East-Europe Economic Corridor (IPEC).He also highlighted the doubts among experts regarding its rationality and efficiency.
He also emphasized another crucial economic route: The Development Road project which constitutes an important UK-Turkey trade agreement so far. It starts from the Gulf of Basra and passes through Iraq. Turkey actively engaged in discussions with key stakeholders, including Iraq, the UAE, and Qatar. Thus it aimes to finalize official paperwork and set the project into motion within the next few months. This forward-looking approach aligns with Türkiye’s strategic vision for economic growth and global connectivity.
Benefits of a Broadened UK-Turkey Trade Agreement
The UK-Turkey trade agreement holds promising benefits for both countries. As they prepare to finalize the enhanced trade agreement, opportunities in various sectors are expected to flourish. One of the key advantages is the potential to boost economic growth through increased trade volume and diversified trade streams.
Moreover, the broader trade agreement is expected to encompass vital aspects of the modern economy, including digital trade and services. In an increasingly digital world, covering these areas in the trade agreement is crucial to stay relevant and competitive in the global market. The UK-Turkey trade agreement can foster innovation, technology exchange, and collaboration in various sectors.
Fostering Regional Stability and Economic Connectivity
Beyond the economic benefits, a strengthened UK-Turkey trade agreement can contribute to regional stability and connectivity. Both countries, as strategic partners, can work together to promote peace and stability in their respective regions and beyond. Besides, collaborative efforts in addressing regional and international issues discussed during the joint press conference demonstrate the commitment to a shared vision of a stable and prosperous world.
At the same time Turkey is engaging in other projects enhancing economic connectivity through projects like the Türkiye-Iraq Development Road that can play a pivotal role in transforming the economic landscape of the region. This development project has the potential to act as a catalyst for growth, promoting trade, investment, and cooperation among nations involved. Meanwhile, expanding and strengthening the UK-Turkey trade agreement is a testament to the enduring friendship and cooperation between these two nations. It paves the way for a brighter, more mutually beneficial future, promoting economic prosperity, stability, and collaborative global growth.