Türkiye and UK sign new pacts, targeting $40 billion in bilateral trade
Türkiye and the United Kingdom have signed a new Joint Economic and Trade Committee Action Plan and a mutual recognition agreement during high-level talks in London. The moves aim to significantly boost bilateral trade toward a target of $40 billion.
Türkiye and the United Kingdom have taken concrete steps to enhance their economic partnership, signing new agreements during the 8th Joint Economic and Trade Committee (JETCO) meeting in London. Turkish Trade Minister Omer Bolat and UK Business and Trade Secretary Peter Kyle oversaw the signing of a comprehensive JETCO Action Plan and a Mutual Recognition Agreement, with both nations setting ambitious trade targets.
Details of the New Agreements
The newly inked JETCO Action Plan outlines 16 specific measures designed to deepen bilateral cooperation across various sectors. Alongside this, a Mutual Recognition Agreement on Authorized Economic Operators was signed to facilitate smoother customs procedures. Minister Bolat stated these agreements are pivotal for developing a strategic partnership, adding that significant progress was made in talks to modernize the existing UK-Türkiye Free Trade Agreement, which has been in force since 2021.
Ambitious Trade Targets and Past Success
The two countries are aiming to elevate their annual trade volume to $30 billion in the short term and $40 billion in the medium term. This ambition is built on a strong foundation: bilateral trade has grown by over $5 billion in the past four years, reaching $24 billion, with an increase of $1.8 billion in the last year alone. Bolat emphasized the role of Türkiye's young workforce, strategic location, and comprehensive investment incentives in attracting UK investment.
Strategic Vision and Global Cooperation
Minister Bolat framed the partnership as a "win-win approach" based on mutual trust, expressing hope that the deep-rooted friendship would yield fruitful economic outcomes. He highlighted discussions on cooperation in third-country contracting projects and meetings with UK business leaders, underscoring Türkiye's proactive role in forging strategic economic alliances that bolster its position as a global production and trade hub independent of regional blocs.
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