Ankara, London conclude first round of free trade agreement negotiations
ANKARA
The Turkish Trade Ministry has announced the successful completion of the first round of negotiations to update the Free Trade Agreement (FTA) between Türkiye and the U.K.
The strategic economic partnership between the two countries has gained renewed momentum, the ministry said in a statement.
According to the statement, the negotiations were launched following a mutual understanding reached during Trade Minister Ömer Bolat’s official visit to London in May, where he met with his U.K. counterpart.
The first round of talks, which took place in Ankara with high-level participation from both sides, was highly productive, the statement said, adding that the discussions focused on expanding the scope of the FTA, with several critical areas addressed.
The updated FTA will establish new reciprocal market openings for agricultural products, it noted. Comprehensive provisions will be included to foster a mutually beneficial environment for trade in services between the two countries.
Potential opportunities in financial services will be explored, including areas related to Islamic finance, the statement added. Additionally, joint steps to ease investments will be discussed.
Türkiye’s annual trade volume with the U.K. reached $22 billion in 2024, making the U.K. its seventh-largest trading partner. With a $8 billion trade surplus, the U.K. is also Türkiye’s second-largest partner in terms of trade surplus.
The next round of negotiations is expected to take place by the end of 2025.
