An important trade agreement between Turkey and the UK were signed yesterday. Their trading volume was 18.6 billion pounds in 2019 .
According to the online meeting between our Minister of Trade Ruhsar Pekcan and British Trade Minister Liz Truss, the agreement to ensure the sustainability of our bilateral trade volume in 2019; and it will concern the automotive, steel and manufacturing industries and will start in January 1, 2021.
With the free trade agreement, economic relations between the two countries will be deeper. After Germany; Britain is the second most exported country. On the other hand, Britain separated from the year ended January 31, 2020 European Union and also Britain will leave from the Customs Union. Considering these situations, continue to trade without customs duties was very important for Turkey.
After the agreement, Minister Ruhsar Pekcan made a statement and she stated that 75 percent of the exports to the UK would face a tax burden and a loss of Turkey would be approximately 2.4 billion dollars, if this agreement not existed. And this risk was eliminated with the agreement.
