Turkey, Economy, Europe

'Turkey's trade volume with UK set to rise'

Development in Turkey's technology sector will ensure Turkey-UK trade volume will expand, British business leader says

Yunus Turk and Yunus Girgin   | 15.01.2021
'Turkey's trade volume with UK set to rise'

ANKARA

Turkey's high growth potential and technological development along with the recently signed free trade agreement will assure the increase of trade volume between the two countries, the chairman of the British Chamber of Commerce in Turkey (BCCT) said.

"We see the development of the technology sector in Turkey. Turkey is making rapid progress to become a key player in the sector," Chris Gaunt told Anadolu Agency.

Turkey and the UK on Dec. 30, 2020, signed a historic free trade agreement due to the ending of the Brexit transition period. The agreement, which covers trade worth more than £18 billion ($24.3 billion), has been in force since the first day of 2021.

British voters had decided in a 2016 referendum to leave the European Union after more than 40 years of membership.

With the transition period ending, freedom of movement between the UK and the EU member states also ended as of the new year.

The UK also reached agreements with 62 countries – and the EU, before the transition period was completed on the last day of 2020.

More sectors can be added

Pointing out the benefits of the agreement between Turkey and the UK, Gaunt said: "We now have a sustainable solid platform on which to develop our trade relationship going forward. it is a very comprehensive deal."

Stressing Turkey's need for foreign investments, Chris Gaunt noted there would not be any shortage of the UK companies that would be prepared to make those investments, particularly now that the two countries have a free trade deal.

"I also think that there should be the reforms mentioned before by Turkey's President Recep Tayyip Erdogan. There is quite a positive atmosphere now and that positivity will continue."

We see an opportunity to work with and invest in Turkish companies that are increasing their capability in tech areas, he added.

Gaunt also underlined this is a continuity agreement adding that it allows enhancing the trading relationship between the UK and Turkey, whereby more sectors can be added -- sectors that previously couldn't be engaged.

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