The United Kingdom and Turkey are set to sign a free trade deal today, the first since Boris Johnson secured a new trade agreement with the EU.
The two countries have completed the text of a continuity agreement that replicates current trading terms between Ankara, which has a customs union agreement with Brussels, and London.
And according to the Department for International Trade, the Bilateral trade between the countries was worth almost £19 billion last year.
The agreement is expected to be signed on a video call this week by delegates from each side and exchange of diplomatic notes will then permit the deal to come into force even though there’s not enough time for it to be approved by the two countries’ parliaments before the United Kingdom exits the EU single market on December 31.
Liz Truss, international trade secretary, said that the deal they expect to sign this week locks in tariff-free trading arrangements and will help support their trading relationship, worth £18.6 billion last year.
It will provide certainty for thousands of jobs across the United Kingdom in the manufacturing, automotive and steel industries.
The United Kingdom is Turkey’s second-biggest export market but Ankara’s customs union with the EU meant that a free trade agreement could not be completed until a Brexit agreement was in place.
That increased fears among Turkish producers of white goods, automobiles and textiles that their products could face hefty import tariffs and UK borders delays if Britain crashed out of the 27 member bloc.
One British official said there was an instantaneous sense of relief at the agreement, adding that both Turkish manufacturers and their British counterparts had been nervous about the possibility of a no-deal Brexit.
Hakan Bulgurlu, chief executive of Turkish manufacturers Arcelik, which trades under the name of Beko in Europe said that the United Kingdom was the largest export market for home appliances that are manufactured in Turkey.
He said that they welcome the efforts to quickly conclude a free trade agreement between Turkey and the United Kingdom that will preserve the essence of their no tariff, no quota partnership.
The deal aims to replicate the trading terms that presently exist between the United Kingdom and Turkey, with tariff-free trade on all non-agricultural goods, according to British officials.
The United Kingdom has also agreed to roll over the preferential tariffs that Turkey enjoys on some agricultural products under its customs union with the EU.
But there’s so much frustration among people with everyone imposing their ideological opinions, but everyone should chill out, it’s all about business.
Most of the furniture and clothes you find on eBay comes from Turkey, so we should stop being naive minded and accept it as a blessing and there’s too much hostility these days.
But it appears that Brits are on a mad scramble to complete trade deals, particularly over the years where they’ve made deals with much worse tyrants and our Government have very few morals where money is concerned.
And we seem to whinge about everything and it seems it’s only Brits that excel at this, whinging about everything and anything for the sake of it and we should get a grip because it’s done and now we just have to get on with it.