Turkey and U.K. agree to roll over free trade agreement
by Bloomberg Dec 29, 2020
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.
Bloomberg
© Bloomberg
The author’s opinion are not necessarily the opinions of the American Journal of Transportation (AJOT).
Similar Stories
CBP intercepts over $30 million in methamphetamine at the Pharr International Bridge
View Article
WTCA Forum 2024 in New York underscores importance of international collaboration
View ArticleACD celebrates 2024 Annual Meeting in La Quinta, California
Today, the Alliance for Chemical Distribution (ACD) welcomed 666 members and industry leaders for its highly anticipated 2024 Annual Meeting held in La Quinta, California.
View ArticleHoliday spending still on track for steady growth amid ‘mixed signals’ in recent jobs and GDP data
The National Retail Federation still expects steady sales growth for the winter holiday season despite contradictions in the latest economic indicators, NRF Chief Economist Jack Kleinhenz said today.
View ArticleTrump Presidency will reignite US-China trade war and threaten a spike in ocean container shipping markets / Xeneta
Donald Trump’s victory in the US Presidential Election is ‘a step in the wrong direction’ for international trade as importers fear another spike in ocean container shipping freight rates.
View Article
U.S. international trade in goods and services, September 2024
View ArticleGet the most up-to-date trending news!
SubscribeIndustry updates and weekly newsletter direct to your inbox!
Follow us on social media:
