Britain, Turkey reach post-Brexit free trade agreement1 min read . Updated: 29 Dec 2020, 09:03 PM IST
- The deal, which will come into effect on Jan. 1, aims to support trade between the two countries which was worth more than $25 billion in 2019
- Both countries have said the deal will lead to a more comprehensive agreement in the future
The deal, which will come into effect on Jan. 1, aims to support trade between the two countries which was worth more than $25 billion in 2019. It is one of many post-Brexit trade deals the British government is pursuing with nations around the world and came days after it finalized a trade agreement with the EU.
The UK left the EU on Jan. 31 of this year but remained subject to the bloc's business regulations and within its customs union during a transition period that ends on Dec. 31.
Turkish Trade Minister Ruhsar Pekcan and Dominick Chilcott, the British ambassador to Turkey, signed the the British-Turkish agreement.
Pekcan hailed the deal as the most significant trade pact for Turkey since the signing of a customs union agreement with the EU in 1995.
“The free trade agreement is a new and special milestone in the relationship between Turkey and United Kingdom," Pekcan said during the ceremony. Britain is Turkeys second-largest export market.
A British government statement said the deal will secure existing preferential tariffs for some 7,600 British businesses that exported goods to Turkey in 2019, ensuring the continued tariff-free flow of goods.
Both countries have said the deal will lead to a more comprehensive agreement in the future.
This story has been published from a wire agency feed without modifications to the text.