TURKEY-'Modernised' FTA Talks To Start As Trade Min Visits London

The UK gov't has confirmed that talks on a new 'modernised' trade agreement with Turkey are set to get underway in the summer. The statement comes as Turkish Trade Minister Ömer Bolat visits London for talks with his British counterpart Kemi Badenoch. A new agreement would have a greater focus on services compared to the existing goods-focused deal that was rolled over from the EU-Turkey customs union following the UK's exit from the European Union.

• Badenoch called Turkey an “important economic and strategic partner” and claimed that, “An upgraded deal will give the UK’s world-leading services sector a competitive edge in this growing market and has the potential to support jobs across the UK.”
• The Independent: "Trade between the two countries was worth £26 billion in 2022, when despite the UK’s strength in services, the sector accounted for only 27% of British exports to Turkey."
• Turkey has in recent months experienced strained relations with Western gov'ts due to its blocking of Sweden's entry to NATO. However, with this obstacle now overcome allowing for an improvement in ties. Moreover, the UK is likely to prove one of the most forgiving among Turkey's NATO of political disagreements partners given the British gov'ts desire for a large number of swiftly-negotiated trade deals following its leaving the EU.