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UK and Turkey Strengthen Ties with New Trade Agreement
The United Kingdom and Turkey have signed a historic deal that aims to boost economic cooperation and deepen political relations between the two nations. The agreement, announced on December 29, 2020, came after four years of negotiations and replaces the existing EU-Turkey Customs Union framework for trade in goods.
According to the UK government, the new agreement will secure preferential tariffs and quotas for British businesses exporting to Turkey, worth more than £1.2 billion ($1.6 billion) a year. It will also eliminate tariffs on key UK exports such as cars, machinery, and pharmaceuticals, and open up new opportunities for services, including financial and legal services. In addition, the deal includes provisions on intellectual property, public procurement, and sustainable development.
The UK International Trade Secretary, Liz Truss, hailed the deal as a “major win” for UK-Turkey relations, which she said were often “overlooked” in the past by both sides. She added that the agreement would “turbocharge” the UK`s trading relationship with Turkey, which is already the UK`s eighth-largest trading partner outside the EU and the world`s 19th largest economy.
The Turkish government also welcomed the deal, which it described as a “milestone” in bilateral ties with the UK. The Turkish Trade Minister, Ruhsar Pekcan, said that the agreement would “strengthen the foundations” of the two countries` strategic partnership and create new opportunities for mutual investment and growth. She noted that Turkey had already signed similar trade agreements with other major economies, such as Japan, Canada, and Mexico, and that the UK deal would enhance Turkey`s trade diversification and competitiveness.
However, the agreement has also sparked some controversy and criticism from various groups. Some UK businesses have expressed concerns about the potential impact of the new rules of origin, which require a higher level of local content for goods to qualify for preferential tariffs. They fear that this could raise costs and administrative burdens, especially for small and medium-sized enterprises (SMEs) that rely on global supply chains. Some NGOs and human rights groups have also criticized the deal for not including stronger provisions on labor rights, environmental standards, and human rights abuses in Turkey, which they argue pose risks to workers and communities.
Overall, the UK-Turkey agreement reflects the shifting dynamics of global trade and diplomacy, as both countries seek to adapt to the post-Brexit and post-pandemic realities. It highlights the potential benefits and challenges of bilateral trade deals outside the EU framework, as well as the complex issues of balancing economic interests, political values, and social impacts. As a professional, you can help to optimize the article by adding relevant keywords, meta tags, and headlines that reflect the main topics and trends of the UK-Turkey agreement, such as “trade, goods, services, investment, tariffs, quotas, rules of origin, SMEs, labor rights, environmental standards, human rights, Brexit, pandemic, diplomacy.”