Türkiye and Britain have "successfully" finished the first round of talks on updating their free trade agreement (FTA), the Turkish Trade Ministry said on Friday.
The negotiations in Ankara with the high-level participation of the relevant institutions of both countries have been "extremely productive," with many critical topics discussed in order to deepen the scope of the FTA, the statement said.
"The strategic economic cooperation between Türkiye and the U.K. is gaining new and strong momentum," the statement said.
The two countries already have an FTA, which was rolled over when Britain left the European Union, but a review by both sides has concluded there was room for improvement under a new deal.
Trade talks were paused during last year's election that saw Labour Party return to government after 14 years in opposition.
The updated FTA will provide new mutual market openings in agricultural products, the ministry said, adding that comprehensive provisions will be included to provide a mutually beneficial cooperation environment between the two countries regarding trade in services.
"In this context, possible opportunities in the field of financial services, including Islamic finance, will be explored, and service sectors in which our country is competitive, such as health services and audiovisual services, will be considered," it said.
It noted that joint steps that can be taken to facilitate investments will be discussed, mutual recognition of geographically marked products will be ensured, and awareness-raising steps will be taken for small- and medium-sized enterprises (SMEs).
"Areas of cooperation on innovation, consumer protection and women's economic empowerment will be concretized. The sustainable development dimension of trade in environment and labor issues will be reflected and customs procedures will be simplified in traditional and digital channels within the scope of trade facilitation," it added.
The statement stressed both sides' strong mutual will to complete the FTA update as soon as possible in a way that will contribute to the prosperity of both countries.
The annual trade volume between the two countries reached $22 billion in 2024, with the U.K. ranking as Türkiye's seventh-largest trading partner, the ministry said. Türkiye runs a trade surplus of $8 billion.
"In this context, the U.K. market, with a population of 69 million, maintains its importance as a strategic economic partner that supports employment in Türkiye while offering a strong demand for our products," the statement said.
The next round of negotiations is expected to take place by the end of 2025.
