Erdogan: Turkey, UK to sign free trade deal on Tuesday

Turkey's President Recep Tayyip Erdogan says a new era will begin in 2021 for the both countries with this new trade agreement.

Britain's PM Boris Johnson shakes hands with Turkey's President Recep Tayyip Erdogan during a welcoming ceremony at the NATO leaders summit in Watford, Britain December 4, 2019.
Reuters

Britain's PM Boris Johnson shakes hands with Turkey's President Recep Tayyip Erdogan during a welcoming ceremony at the NATO leaders summit in Watford, Britain December 4, 2019.

Turkey and the UK are set to sign a landmark free trade agreement on Tuesday, Turkey's President Recep Tayyip Erdogan has announced after a Cabinet meeting.

"A new era begins starting in 2021, one in which both Turkey and the UK will win," he said.

The deal replicates the existing trading terms between Ankara and London.

Erdogan said it will be Turkey’s "most important trade deal" since its 1995 Customs Union with the EU.

Earlier, British trade minister Liz Truss said that she was hopeful a bespoke deal between the countries could be struck soon.

"The deal we expect to sign this week locks in tariff-free trading arrangements and will help support our trading relationship. It will provide certainty for thousands of jobs across the UK in the manufacturing, automotive, and steel industries," Truss said in a statement.

"We now look forward to working with Turkey towards an ambitious tailor-made UK-Turkey trade agreement in the near future."

READ MORE:  Turkey, UK 'very close' to free trade deal for post-Brexit era

The trading relationship was worth $25.25 billion in 2019, and Britain said it was the fifth-biggest trade deal the trade ministry had negotiated after agreements with Japan, Canada, Switzerland, and Norway.

Britain has now signed trade agreements with 62 countries ahead of the end of the Brexit transition period on January 1, when it leaves the EU's trading arrangements.

It clinched its narrow trade deal with the EU, its biggest trading partner, last week.

READ MORE: Will Brexit favour Turkey's relations with Europe?

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