Türkiye, UK conclude first round of free trade agreement negotiations

Türkiye and the UK "successfully" finished the first round of Free Trade Agreement (FTA) talks, according to a Turkish Trade Ministry statement on Friday.

"The strategic economic cooperation between Türkiye and the UK is gaining new and strong momentum," the statement said.

It noted that in the negotiations held in Ankara with the high-level participation of the relevant institutions of both countries and reported to have been extremely productive, many critical topics were discussed in order to deepen the scope of the FTA.

The updated FTA will provide new mutual market openings in agricultural products, the statement said, adding that comprehensive provisions will be included to provide a mutually beneficial cooperation environment between the two countries regarding trade in services.

"In this context, possible opportunities in the field of financial services, including Islamic finance, will be explored, and service sectors in which our country is competitive, such as health services and audiovisual services, will be considered."

It said joint steps that can be taken to facilitate investments will be discussed, mutual recognition of geographically marked products will be ensured, and awareness-raising steps will be taken for SMEs.

"Areas of cooperation on innovation, consumer protection and women's economic empowerment will be concretized. The sustainable development dimension of trade in environment and labor issues will be reflected and customs procedures will be simplified in traditional and digital channels within the scope of trade facilitation," it noted.

The statement stressed that the strong mutual will to complete the FTA as soon as possible in a way that will contribute to the prosperity of both countries was once again confirmed during the negotiations.

It noted that the annual trade volume between the two countries reached $22 billion in 2024 and that the UK is Türkiye's seventh-largest trading partner.

"The UK stands out as the second largest trading partner of Türkiye with a foreign trade surplus of $8 billion. In this context, the UK market, with a population of 69 million, maintains its importance as a strategic economic partner that supports employment in Türkiye while offering a strong demand for our products," the statement said.

The next round of negotiations between Türkiye and the UK is expected to take place by the end of 2025, and the constructive and committed dialogue process paves the way for the conclusion of the FTA as a new generation agreement, it added.