The UK-Turkey Trade Agreement: Strengthening Post-Brexit Economic Ties

The UK-Turkey Trade Agreement, effective since January 2021, secures tariff-free trade on industrial goods and reduced tariffs on agricultural products, ensuring continuity for businesses post-Brexit. With bilateral trade valued at £18.6 billion, the agreement supports key sectors like automotive, textiles, and machinery. While maintaining regulatory consistency, it also opens opportunities for future collaboration in areas such as digital trade and green technology. This pivotal partnership underscores the importance of resilient and modern trade relationships in a dynamic global economy. Read more on the UK Government's official guidance.

Turkiye and the UK: A New Chapter in Trade Relations

As the UK refocuses its global trade strategy, Turkiye emerges as a pivotal partner in shaping a modern, mutually beneficial economic relationship. With its strategic location bridging Europe and Asia, a robust manufacturing base, and leadership in textiles, Turkey is well-positioned to capitalize on enhanced trade opportunities. The potential partnership spans diverse sectors, including advanced manufacturing, green energy, and technology. However, addressing challenges such as regulatory alignment and economic stability will be crucial to unlocking the full potential of this collaboration. This renewed focus signals a promising future for Turkiye as a key player in the UK’s post-Brexit trade ambitions.

The UK and Turkiye have started talks about a post-Brexit free trade agreement targeting the service sector of the economy.

The UK government said there were “huge opportunities” for British businesses in exporting to Turkey, as one of the fastest-growing economies in the Organisation for Economic Co-operation and Development group of nations, with trade between the two countries worth £26bn in 2022.

Ministers had announced in July last year their intention to hold trade talks with Turkey, and last November began months of consultation with businesses and trade groups over the UK’s priorities for an agreement.

The government said UK businesses including Deloitte, Diageo and Vodafone had helped to shape negotiation objectives through a public call for input, before the first round of detailed discussions scheduled for the summer.

Turkey has regretfully withdrawn as the host country for the United Nations' Cop16 biodiversity summit in 2024, citing the impact of three major earthquakes that struck the nation in February and devastated parts of the country.

The nature summit, a critical gathering to discuss progress on the biodiversity targets set during Cop15 in Montreal last December, had been planned for October next year in Turkey. However, due to the unforeseen "force majeure situation," the UN convention on biological diversity is now seeking another country to step in and host the conference. The scheduled dates for the summit, from 21 October to 1 November, are intended to remain unchanged. It's worth noting that biodiversity summits take place every two years, unlike the annual climate Cops.

Countries like France, the UK, Switzerland, and Spain have been considered as possible alternative destinations to host the conference. During the summit, participating governments will engage in discussions on their efforts to protect 30% of land and sea, reform $500bn of environmentally harmful subsidies, and restore 30% of the planet's degraded terrestrial, inland water, coastal, and marine ecosystems.

Emerging as a beacon of international collaboration, an €781m high-speed railway initiative is reshaping the business landscape between the UK and Turkey. This electrified project, underpinned by the UK Export Finance, illustrates a remarkable fusion of cutting-edge technology and global commerce. It's more than just connecting cities - it's the intertwining of economies, fostering a surge of mutual growth and innovation. This venture marks a new chapter in the UK-Turkey business narrative, unlocking promising opportunities and charting a path towards a connected, prosperous future

An electric heater manufacturer in Türkiye’s Trabzon province has more than doubled its production to meet the demands from European countries, where natural gas shortages are expected in the next winter season.

Electric pylon

Operating in Beşikdüzü Organized Industrial Zone (OIZ), Cemsan Electrical Devices Industry and Trade Company provides production for almost all of Europe.

Osman Albayrak, the chairperson of the board of directors of the company, told Anadolu Agency (AA) that the business founded by his father in 1980 turned into a company six years later.

Albayrak stated that they first produced electric water heaters and started the production of electric carbon infrared heaters in 2000.

Stating that they are trying to contribute to the Turkish economy by opening dealerships both in the country and abroad with his brothers, Albayrak said, "We tried to meet the need for electric heaters arising from supply and demand in the market. We are the only company in Trabzon that produces electric heaters."

Turkey’s Green Development Revolution offers huge opportunities for the country to become a center of significant economic activities, such as production, trade, and energy, Ziya Altunyaldız, the head of the parliamentary industry commission, has said.

Speaking at a preparatory meeting for “Eco Climate, International Economy and Climate Change,” which Turkey will hold between March 30 and 31, Altunyaldız made a presentation, including information on the works conducted jointly with the European Parliament.

The purpose of the summit is to turn Turkey into a production base which completes its green transformation.

The preparatory meeting was organized in the country’s capital, hosted by the Ankara Chamber of Trade (ATO), with the participation of scientists and university rectors.

Wide-ranging issue, such as the cost of the green transformation and necessary steps to be taken toward this major conversion were discussed at this meeting. In his presentation, Altunyaldız noted that the rules of the game are changing completely amid the climate crisis, which costs the economies across the globe trillions of dollars. Global GDP will shrink between 15 percent to 20 percent if nationals fail to take steps to reverse the current trend by 2050, while developing nations may see their national income decline up to 30 percent, according to Altunyaldız.

Istanbul Airport has once again claimed the title of Europe's busiest airport for 2021, official data showed, in a challenging year that highlighted the lasting impact of the coronavirus pandemic on the travel industry.

Istanbul Airport was officially opened on October 29th, 2018, taking over from Ataturk Airport as Istanbul's main airport. Set across a single integrated terminal building with five concourses, Istanbul Airport is now considered one of Europe's finest airports.

Istanbul Airport handled nearly 37 million passengers last year despite the pandemic, according to data compiled from the Airports Council International Europe (ACI Europe), making it Europe’s busiest for the second year running.

The passenger traffic at the airport was still 46% lower compared to pre-pandemic levels, but been opened last quarter of 2018 this has been a great achievement.

The amazing glass-and-steel structure along the Black Sea coast first grabbed the title of Europe’s busiest airport back in 2020 thanks to Turkey’s decision to allow traveler’s to freely enter the country in a bid to boost tourism revenues. It had served around 23.4 million people in that year.