Türkiye, UK sign new agreements as both eye $40B trade target

LONDON

Eyeing a $40 billion trade target, Türkiye and the UK on Thursday signed a new Joint Economic and Trade Committee (JETCO) Action Plan containing 16 concrete measures, alongside a mutual recognition agreement, during high-level talks in London.

The agreements were signed as part of the 8th term meeting of the Türkiye–UK JETCO, held during a visit to London by Turkish Trade Minister Omer Bolat.

Bolat met Peter Kyle, the UK secretary of state for business and trade, where discussions focused on bilateral trade and economic cooperation, as well as new trade and investment opportunities based on what he described as mutual trust and a win-win approach.

“We will continue to maintain and strengthen our multifaceted cooperation with the United Kingdom in trade and investment, as in all other areas, and to work towards elevating our trade relations to the level of a strategic partnership,” Bolat said in a statement on US social media company X.

“I sincerely hope that the deep-rooted friendship between our two countries will continue to grow stronger in the economic sphere as well, yielding fruitful outcomes and contributing to our shared vision of sustainable development,” he added.

According to Bolat, the JETCO meeting in London resulted not only in the signing of the JETCO Protocol but also in agreements aimed at deepening bilateral cooperation.

“Within the scope of the JETCO Meeting, in addition to the JETCO Protocol, we signed the JETCO Action Plan, which contains 16 concrete action items and plays a key role in the development and deepening of our bilateral cooperation, as well as the Mutual Recognition Agreement on Authorised Economic Operators,” he said.

He also said significant progress had been made in negotiations to modernize the free trade agreement between the two countries.

“I wholeheartedly believe that this productive meeting and the agreements signed will carry the Türkiye–UK economic partnership forward with renewed dynamism,” Bolat said. “We will continue our efforts to build a strong future based on constructive dialogue and strategic partnership.”

-Building on 2021 trade pact

Bolat added that meetings were also held with representatives of Turkish private sector umbrella organizations, as well as leading UK companies and counterpart institutions.

“Our country’s young, highly skilled workforce, the opportunity to access new markets provided by our geographical location, and the most comprehensive investment incentive program in the history of the republic are of great importance in terms of investments to be made in Türkiye,” he said.

He added that Turkish companies would continue to strengthen their global position through cooperation with British and other international firms.

Bolat also noted that discussions included an assessment of the benefits of a previously signed a memorandum of understanding on cooperation in third countries in the field of contracting.

“I hope that our meeting will pave the way for new investment opportunities,” he said.

The existing UK–Türkiye Free Trade Agreement, which came into force in 2021, has added momentum to bilateral trade, with trade between the two countries up by more than $5 billion over the past four years. Bilateral trade rose by $1.8 billion in the past year alone, reaching $24 billion.

Both countries aim to reach trade targets of $30 billion in the short term and $40 billion in the medium term.