After the Free Trade Agreement (FTA) was signed in December, Turkey's exports to England increased by 45.2 percent in January-May 2021 compared to the same period of the previous year and reached 4 billion 796 million 420 thousand dollars.
According to same sources, Turkey's exports increased by 65.5 percent compared to the same period of 2020, to 16 billion 480 million 210 thousand dollars, and increased by 38.3 percent in the January-May period to 85 billion 219 million 653 thousand dollars.
In the same period, the most exports to UK were represented of automotive industry, electrical electronics, apparel products.
From Turkey to England were exported 1 billion 93 million 903 thousand dollars of automotive industry and 803 million 489 thousand dollars of electrical and electronic. Ready-made clothing exports amounted to 731 million 534 thousand dollars. The share of the United Kingdom in Turkey's exports was 6.20 percent in the first five months of the year.
The strong production sector in Turkey also draws the attention of the United Kingdom
The FTA, which was signed between the United Kingdom and Turkey at the end of last December and officially entered into force in April 2021, will protect the trade between the two countries in the first place.
The FTA was signed in order to prevent the companies doing business in both countries from being harmed and to continue their trade. It will help the two countries to prepare a forward-looking, well-founded trade future.
British Chamber of Commerce (BCCT) Chief Executive Emrah Öz told that even the existing FTA also aims to protect the import and export figures of Turkey and the United Kingdom, at the same time, the forward-looking agreement between the two states has increased the motivation of the companies by moving the current trade volume further. Especially during the pandemic period, the strong production sector in Turkey draws the attention of the United Kingdom as well as all other countries in the world.
Turkey continues to be the center of attention, especially with its production areas in Asia being closer to Europe and providing affordable and quality services. On the other hand, as the UK is the world leader in technology, it offers know-how and digital transformation opportunities in the fields of technology and digital transformation to countries like Turkey. In this context, if we consider that there is a lot that the two countries can learn and support from each other in terms of trade, the Free Trade Agreement, which was signed and will be further expanded, will be the most important tool for both countries to reach the targeted trade volume.
The UK signed the first trade agreement with Turkey after the EU
The UK signed its first free trade agreement with Turkey on December 29, following the agreement with the European Union. British Minister of International Trade Liz Truss, who made a statement before the signing, said, "We look forward working with Turkey." While the aforementioned agreement is expected to be the biggest guarantee for the development of trade with the United Kingdom, which is the second country to which Turkey exports the most, experts underlined that with the effect of the agreement, the United Kingdom may pass Germany to become the country with the highest exports in the coming period.
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