Minister Bolat: FTA update negotiations with the United Kingdom will begin on June 10

Stating that Turkey and England are two strong partners in military and political terms, and that they also have strong relations in the field of economy and trade, Bolat reminded that the current free trade agreement between the two countries was made to establish mutual trade on a legal basis after England left the European Union.

Bolat noted that the agreement in question entered into force at the beginning of 2021 and that it was quite successful even under the conditions of the Covid-19 epidemic, and continued his words as follows:

“Our mutual trade increased to 19 billion dollars and Turkey earned 6 billion dollars more in this trade as of last year. But trade can change over the years. The important thing is that the momentum in mutual trade continues. The current free trade agreement covered industrial products. The services sector, that is, education, health, negotiations to update the FTA to include the fair organization, banking, telecommunications, transportation, land, air, sea and railway transportation and tourism sectors, to regulate and encourage and develop joint investments, and to discuss the basis for obtaining some mutual concessions in agricultural products. Both countries offered it to each other.”

Bolat stated that they started this process with his counterpart Badenoch in London, and said that the negotiations may take time, that England has entered an intense election period, but that negotiations at a technical level will start in London on June 10.

“UKEF provided $4 billion in financing for railway and renewable energy projects”

“We will try to provide maximum benefit and advantage to our own country. They will also put their demands on the table for their own country. In other words, if the two sides cannot agree on these demands, there will be no agreement. The current free trade agreement will continue, in industrial products. But both countries will be able to increase their trade with a win-win principle. “If an environment and conditions are met, an agreement is reached.”

Stating that Turkish and British companies will be encouraged to do business together in this context, Bolat said, “Again, the United Kingdom’s official Export Credit Agency (UKEF) provided financial support of around 4 billion dollars to some important projects such as railway projects and renewable energy in Turkey. “It is of great importance for the completion of these projects in our country. We told them that we want this cooperation to continue.” he said.

Stating that the trade volume between the two countries, which reached 19 billion dollars, took place in a period when world trade was shrinking and the global economy was in recession, Bolat said, “In the first place, our goal this year is to exceed 19 billion dollars and reach 20 billion dollars in mutual trade.” said.

“Turkey’s defense industry production and exports will grow at a geometric rate in 5 years”

Minister of Commerce Bolat, recalling the aircraft order given by Turkish Airlines to Airbus, stated that some models will be produced mainly in England and some aircraft will have engines of the British engine company, and added, “Therefore, the British attach great importance to increasing economic relations with Turkey.” he said.

“Turkey never applies unfriendly approaches such as ‘I will impose this or embargo on you’ to its friends or those who want to buy products from it. In this sense, Turkey is a reliable supplier and seller country. There are many good days ahead for our defense industry. I hope it will become bigger. We will achieve our goals. In the next 5 years, Turkish defense industry production and exports will grow and develop at an almost geometric pace and add technology and added value to our country. At the same time, when you introduce products in the defense industry and export markets and this finds a buyer, it will contribute greatly to the general industry of your country. “It is highly valued.”