The UK and Turkey recently entered into a free trade agreement (FTA) that will strengthen their economic ties and create new opportunities for businesses. The agreement will provide tariff-free access to goods, services, and support investment between the two countries. It is a significant development for the UK as it seeks to forge new trade relationships outside of the European Union following Brexit.

The FTA between the UK and Turkey is expected to provide significant economic benefits. It will eliminate tariffs on goods traded between the two countries, which will help to reduce the cost of doing business and increase trade. The agreement will also provide new opportunities for exporters, particularly small and medium-sized enterprises, to access the Turkish market and tap into its growing economy.

As one of the fastest-growing economies in the world, Turkey has become an increasingly important trading partner for the UK. According to the UK government, exports of goods and services to Turkey were worth £18.6bn in 2020, making it one of the largest markets for UK businesses outside of the EU. The FTA is expected to increase trade further and deepen the economic relationship between the two countries.

The FTA covers a wide range of industries, including automotive, agriculture, and pharmaceuticals. It also includes provisions on intellectual property, competition, and e-commerce. The agreement is expected to benefit UK manufacturers, particularly those in the automotive industry, as it will provide them with easier access to Turkey`s large and growing market for cars and car parts.

The FTA also includes provisions on services, which are increasingly important to the UK economy. The agreement will provide UK firms with greater access to the Turkish market for services such as financial services, telecommunications, and professional services. This is expected to benefit UK businesses in the service sector, which accounts for around 80% of the UK economy.

The UK-Turkey FTA is an important development for the UK as it seeks to establish itself as an independent trading nation outside of the EU. It demonstrates the UK`s commitment to free trade and its willingness to forge new relationships with countries outside of its traditional trading bloc. The agreement is expected to deliver significant economic benefits for businesses in both countries and pave the way for further trade agreements in the future.