(MENAFN) An expansion of the existing free trade agreement between Turkey and the United Kingdom should improve the accessibility of Turkish agricultural products in the British market, according to Turkish Trade Minister Omer Bolat in an interview with Anadolu . This agreement, which entered into force in 2021, was established to safeguard trade flows and provide channels following Brexit. Recent discussions between Turkish Foreign Minister Hakan Fidan and British Foreign Secretary David Lammy focused on updating the agreement to respond to investment opportunities and provide additional agricultural concessions.

Since efforts to expand the agreement began in 2022, the aim has been to create a stronger legal framework that supports trade operations between Turkey and the United Kingdom. Minister Bolat highlighted that the initial agreement played a crucial role in facilitating uninterrupted trade activities between the two nations. He noted that the implementation of the agreement in 2021 resulted in an increase in trade of almost 15% year-on-year, a trend that has continued.

Bolat stressed that for Turkish exporters, the free trade agreement offers vital guarantees to maintain their presence in the market. The continuity of bilateral trade under this framework has provided Turkish businessmen with a more secure basis for their investments in the UK, effectively mitigating potential risks. The Trade Minister expressed optimism that the expanded agreement would not only improve market conditions for Turkish businesses, but also create a more secure investment environment in the UK, thereby promoting more mutual investments. strong between the two countries.

Overall, the proposed expansion of the Turkey-UK Free Trade Agreement is able to strengthen trade ties and boost economic cooperation, benefiting both Turkish exporters and British businesses. The focus on agricultural products and investment highlights the commitment to strengthening economic relations in the post-Brexit landscape.