Turkey–United Kingdom Free Trade Agreement Explained
The Turkey–United Kingdom free trade agreement (TUKFTA) is a proposed free trade agreement which began negotiations on 14 March 2024.[1] The trade agreement will be the third FTA to cover Turkey–UK trade, and will supersede the Turkey–UK Trade Continuity Agreement, extending the deal to cover services and digital trade.[2]
History
From 31 December 1995 until 30 December 2020, trade between Turkey and the United Kingdom was governed by the European Union–Turkey Customs Union, while the UK was a member of the European Union.[3] Following the withdrawal of the United Kingdom from the European Union, the UK and Turkey signed a continuity trade agreement on 29 December 2020, based on the EU free trade agreement; the agreement entered into force on 1 January 2021.[4] [5]
Negotiations
On 18 July 2023, Turkey and the United Kingdom announced their intentions start talks on a modernised free trade agreement; the agreement will supersede the goods-only Turkey–United Kingdom Trade Continuity agreement.[6] The UK opened up a trade consultation from 2 November 2023 and close on the 5 January 2024.[7] [8] Trade negotiations formally opened on 14 March 2024.[1] [2] The practical negotiations are scheduled for after the UK general election on 4 July.[9]
See also
Notes and References
- News: Badenoch. Kemi. 14 March 2024. British businesses to benefit as UK launches new trade talks with Turkey. GOV.UK. 14 March 2024. https://web.archive.org/web/20240314114143/https://www.gov.uk/government/news/british-businesses-to-benefit-as-uk-launches-new-trade-talks-with-turkey. 14 March 2024. live.
- News: Partington. Richard. 14 March 2024. UK embarks on post-Brexit trade talks with Turkey. The Guardian. 14 March 2024. https://web.archive.org/web/20240314150929/https://www.theguardian.com/business/2024/mar/14/uk-embarks-on-post-brexit-trade-talks-with-turkey. 14 March 2024. live.
- Web site: EU - Türkiye. World Trade Organization. 24 April 2024. https://web.archive.org/web/20240424222924/https://rtais.wto.org/UI/PublicMaintainRTAHome.aspx. 24 April 2024. live.
- Web site: Truss. Elizabeth. UK and Turkey sign trade deal. GOV.UK. 29 December 2020. 26 February 2024. https://web.archive.org/web/20230829171204/https://www.gov.uk/government/news/uk-and-turkey-sign-trade-deal. 29 August 2023. live.
- Web site: Pitel. Laura. Payne. Sebastian. UK and Turkey to sign free trade deal this week. Financial Times. 27 December 2020. 26 February 2024. subscription. https://web.archive.org/web/20230404174249/https://www.ft.com/content/f7a8a311-c149-4454-92f3-905df1e72e86. 4 April 2023. live.
- News: Badenoch. Kemi. 18 July 2023. UK and Turkey to negotiate new trade deal. GOV.UK. 14 March 2024. https://web.archive.org/web/20230718093740/https://www.gov.uk/government/news/uk-and-turkey-to-negotiate-new-trade-deal. 18 July 2023. live.
- News: Huddleston. Nigel. 2 November 2023. Government calls on business expertise to boost trade with Turkey. GOV.UK. 2 November 2023. https://web.archive.org/web/20231102110044/https://www.gov.uk/government/news/government-calls-on-business-expertise-to-boost-trade-with-turkey. 2 November 2023. live.
- News: 5 January 2024. Badenoch to push for upgraded trade deal with Turkey during Istanbul visit. ITV News. 14 March 2024. https://web.archive.org/web/20240105010528/https://www.itv.com/news/2024-01-04/badenoch-to-push-for-upgraded-trade-deal-with-turkey-during-istanbul-visit. 5 January 2024. live.
- News: 6 June 2024. Free Trade Agreement discussed in London. Londra Gazete. 7 June 2024. https://web.archive.org/web/20240606201442/https://londragazete.com/english/278490/free-trade-agreement-discussed-in-london/. 6 June 2024. live.
