Free Trade Agreement with the UK in second place after Germany was signed today in Turkey's exports. The agreement will enter into force on January 1, 2021.
Wholesale scarves Free Trade Agreement between Turkey and the United Kingdom signed today in a ceremony attended by Trade Minister Ruhsar Pekcan through video conferencing.
With this agreement, Trade Minister Pekcan said, "There will be no uncertainty about the trade structure between us and the UK. I believe our trade will develop further." Minister Pekcan emphasized that the gains brought by the Customs Union in 25 years with the Free Trade Agreement will be preserved, and said that "we are taking the first step towards deepening the relations between the two countries. Minister Pekcan added that the agreement includes all industrial and agricultural products. Pekcan stated that 75 percent of the exports to the UK would be faced with a tax burden and approximately 2.4 billion dollars loss would occur if this agreement did not exist, and that this risk was eliminated with the agreement that will come into force on January 1, 2021.
UK's free trade agreement with Turkey, the country of Japan, Canada, Switzerland and Norway followed from his deal with is said to be the fifth largest trade agreement.
As of January 31, 2020 Europe is that seceded from the Union of England, come from the year due to be separated from the wholesale scarves Customs Union to continue to trade without customs duties, was of great importance in terms of the business world in Turkey. Last week, an agreement was reached between the UK and the European Union on an agreement regulating post-Brexit trade.
Turkey's top exporting country in his second
2.74 trillion Gross Domestic Product, which is the sixth largest economy in the world by the United Kingdom, Turkey is also among the major trading partners. Turkey Statistical Institute (TUIK) data, the volume of trade between the two countries between January and October of 2020 was recorded as 13.5 billion dollars. During this period, the export volume was 9 billion dollars and the import volume was 4.5 billion dollars.
According to data from Turkey's Foreign Ministry, in 2019 the United Kingdom wholesale scarves second among Turkey's top exporting countries, while among the countries where most imports took ninth place.
In 2019, the trade volume between the two countries decreased by 12 percent compared to the previous year, and recorded $ 16 billion 297 million. percent of Turkey's exports to the UK in 2019 2, while imports decreased by 27 percent. However, despite this decline, the United Kingdom continued to be Turkey's sixth largest trading partner, with a share of 4.4 percent.
According to Turkey's Ministry of Commerce data, the UK imports from countries across Turkey, was ranked 16th with a 1.8 percent share in 2019. Britain's imports from Turkey was around $ 12 billion. England took place in Turkey's exports is 17 and share of 1.4 percent and export volume was recorded approximately $ 6.4 billion.
Export and import products
Turkey's early products that are exported to the UK wholesale scarves, gold, textile and apparel products, electrical and non-electrical machinery, motor vehicles, iron and steel products, isolated wires, cables and makes other electrical conductors.
Turkey between imported products are diesel, semi-diesel engines, automobiles, iron and steel waste and scrap treatment and prevention has prepared drugs to be used.