Turkey wants to keep its connection with the United Kingdom once the latter exists the European Union, considering the important trading relations the two countries share within the EU. In order to achieve that, the Turkish minister for the economy stressed the importance of signing a free trade deal with the UK which should come into effect once Brexit is completed. Our Turkish lawyers can offer more information on the existing agreements between Turkey and the UK.
Present in London during a meeting held at the beginning of March, the minister of the economy announced that the possibility of a separate free trade deal with between Turkey and the UK is very important and highly likely to happen once Brexit becomes a fact. The minister discussed with UK officials about this possibility, but also with global players with interests in both Turkey and the UK who are very supportive of such an agreement.
A free trade deal is also very important for the UK as most of the agricultural products imported by British companies come from Turkey. From UK officials’ point of view, once the UK leaves the European Union it is of chief relevance to have its own agreements with as many countries as possible and Turkey is one of its most main trading partners.
For Turkey, a free trade deal is of utmost importance as the UK is its second largest trading partner in Europe and one of the greatest in the world too. The agreement would only refer to trading facilities between the two countries, but it would have multiple purposes, according to the minister of economy in Turkey.
In order to discuss the possibility of such deal, the Economy and Trade Commission in Turkey will hold a meeting in April where the agreement will be main topic. The meeting will also be attended by UK representatives. Another meeting will be held in May, when the Secretary of State for International Trade in the UK will visit Turkey.
For full information on the double tax treaty already in place between Turkey and the United Kingdom, you can ask our lawyers in Turkey. Our Turkish law firm can also assist foreign investors who want to open companies in this country.