Turkey and U.K. Agree to Roll Over Free Trade Agreement
(Bloomberg) -- The U.K. and Turkey agreed to roll over a free trade agreement, one of more than five dozen Britain has reached as it prepares for its final break with the European Union.
The deal signed on Tuesday protects supply chains in the automotive and manufacturing sectors, the U.K.’s Department of International Trade said in a statement. The agreement, which also covers all agricultural and industrial goods, will come into effect on Jan. 1.
It was worth around $25 billion last year.
Britain’s exit from the EU means any trade deal the bloc has struck will no longer apply to the U.K. once the transition period ends at 11 p.m. on Dec. 31. Britain has so far reached deals with 62 countries and the EU, according to the U.K. statement.
The agreement with Ankara will save Turkey $2.4 billion, according to Turkish Trade Minister Ruhsar Pekcan. The sides are working on expanding the deal into the services industry, Pekcan said.
Turkey exported goods valued at $11.2 billion to the U.K. in 2019 and imported products worth $5.6 billion.
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