UK Initiates Talks with Turkey to Forge Services-Centric Trade Deal

Trade Secretary Kemi Badenoch launched talks with Turkey’s Trade Minister Ömer Bolat to forge a new trade agreement focused on the UK’s strengths as a services powerhouse.

With Turkey  as one of the OECD’s fastest-growing economies and a sizable population of 85 million, the negotiations aim to tap into lucrative opportunities for British businesses. The revamped deal replaces the outdated 1990s agreement and underscores the UK’s dominance in services, which constitute 80% of its GDP. Notably, exports to Turkey have supported over 57,000 UK jobs, with services accounting for 68% of this figure, highlighting the role of services in the bilateral trade relationship. The economic ties between the UK and Turkey have long been robust, with trade volumes nearing £26 billion in 2022 alone. 

For British enterprises, Turkey emerges as a promising market across diverse sectors such as transportation, engineering, finance, manufacturing, and technology. This surge in opportunities is further fueled by Turkey’s endeavours in decarbonization and substantial investments in rail infrastructure. 

Find out more in the Department of Business and Trade’s Press Release.