Türkiye and the U.K. are seeking to deepen their economic partnership as bilateral trade continues to grow, Trade Minister Ömer Bolat has said.
Speaking ahead of the 8th meeting of the Türkiye-U.K. Joint Economic and Trade Committee (JETCO) in London, Bolat described relations between Ankara and London as an “unshakable alliance” across political, diplomatic and economic fields.
He said U.K. Prime Minister Keir Starmer’s visit to Ankara last October had played a “key catalytic role” in strengthening ties.
Bolat also said the U.K.-Türkiye Free Trade Agreement, which came into force on Jan. 1, 2021, had added momentum to bilateral trade.
According to him, trade between the two countries has increased by more than $5 billion over the past four years, rising by $1.8 billion last year alone to reach $24 billion.
Trade targets of $30 billion in the short term and $40 billion in the medium term, announced during Starmer’s visit, were described by the minister as “exciting and absolutely achievable.”
Bolat said negotiations to expand the free trade agreement to include services, investment and e-commerce had been progressing successfully since June 2024, with joint public- and private-sector delegations involved.
He added that while occasional issues arise, they have so far been resolved through dialogue, expressing confidence that relations would continue to strengthen.
Bolat said that negotiations aimed at expanding the free trade agreement are ongoing, but that it would not be appropriate to make a prediction about when they will be concluded. "Both sides are determined and are continuing the negotiations constructively within a positive dialogue. The next [fourth] round of negotiations will also take place in February."
New agreements signed
Meanwhile, Türkiye and the U.K. on Jan. 8 signed a new JETCO Action Plan containing 16 concrete measures, alongside a mutual recognition agreement, during Bolat’s visit to London.
Bolat met Peter Kyle, the U.K. secretary of state for business and trade, where discussions focused on bilateral trade and economic cooperation, as well as new trade and investment opportunities based on what he described as mutual trust and a win-win approach.
According to Bolat, the JETCO meeting resulted not only in the signing of the JETCO Protocol but also in agreements aimed at deepening bilateral cooperation.
“Within the scope of the JETCO Meeting, in addition to the JETCO Protocol, we signed the JETCO Action Plan, which contains 16 concrete action items and plays a key role in the development and deepening of our bilateral cooperation, as well as the Mutual Recognition Agreement on Authorized Economic Operators,” he said.
Bolat added that meetings were also held with representatives of Turkish private sector umbrella organizations, as well as leading U.K. companies and counterpart institutions.
Bolat also noted that discussions included an assessment of the benefits of a previously signed memorandum of understanding on cooperation in third countries in the field of contracting.
