UK, Turkey to sign free trade deal this week

The new UK-Turkey trade deal, which will extend existing trading arrangements, is set to be signed on Tuesday.

2 min read

28 December, 2020

The UK said it hopes to sign a "bespoke deal" with Turkey "soon" [Getty]

The said it will sign a free trade deal with Ankara this week after Brexit, just days after 's foreign ministry announced it was in the final stage of trade negotiations.

The deal replicates existing trading arrangements, but the UK said it hopes to sign a "bespoke deal" with Turkey soon, according to .

"We now look forward to working with Turkey towards an ambitious tailor-made UK-Turkey trade agreement in the near future," British trade minister Liz Truss said in a statement.

The new UK-Turkey deal, which will extend trading arrangements, is set to be signed on Tuesday. It will be the first such agreement with Turkey since British premier Boris Johnson secured a new trade agreement with the EU.

According to reports, the UK has signed trade agreements with over 60 countries ahead of the end of the Brexit transition period on January 1.

Last week, Turkey's foreign ministry welcomed the "last-minute" deal reached , and said it was in the talks with the UK for a deal of its own.

"We believe that this deal will provide Turkey with new opportunities in terms of its relations both with the EU and the UK," the ministry said. "In this context, preparations for signing a Free Trade Agreement between the UK and Turkey have also reached a final stage."

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The UK and EU reached a post-Brexit trade agreement on Christmas Eve, only a week before the end of the transition period.

Last year, the trade turnover between Turkey and the UK reportedly totalled over $25 billion.

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