The UK Trade Secretary, Kemi Badenoch, is visiting Istanbul ahead of the expected launch of trade talks later this year.
Turkey, officially now known as the Republic of Türkiye, represents one of a number of service focussed trade negotiations which may well be the main focus for the Department for Business & Trade over the next 12 months. As well as Turkey, the UK will be using 2024 to progress service-focussed negotiations with Switzerland, South Korea and the Gulf Cooperation Council.
Businesses based in the UK can trade with Turkey under the current trade agreement. However, this only covers the movement of goods, and does not cover services, digital or data. It is hoped that successful negotiations could lead to a progressive agreement which not only supports businesses who move goods, but also provides benefits for the services sector and is fit for 21st century trade.
The services sector makes up a key part of the UK’s economy and is integral to our economic growth. The sector makes up around 80% of the UK’s GDP and our services exports reached a record high of £464 billion in the 12 months to October 2023.
In 2022, the UK and Turkey traded £25.7 billion of goods and services (of which £9.1 billion was accounted for by exporting). Of this £9.1 billion, the North East accounted for £337m, Yorkshire & The Humber for £368m and the North West for £467m.
Turkey is currently the UK’s 14th largest import market. In terms of Turkey as an import market, it is projected to rise considerably over the next three decades from 27th to 13th in the list of the world’s largest importers.
At 11:45pm tonight, the UK Government will close its call for input which provided businesses with an opportunity to have their say on UK-Turkey trade. As mentioned above, this information will be used to help inform the Government’s approach to negotiations which will hopefully begin later this year.
To learn more about trading with Turkey, Click Here.
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