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Agreement shows strength of commercial relations between UK and Turkey, says head of business council Yunus Turk | 30.12.2020
ISTANBUL
The free trade agreement signed by Turkey and the UK on Tuesday will ease the two countries bilateral trade target of $20 billion, said a top official.
After reaching the Brexit deal, the UK signed the free trade agreement with Turkey, just after one with the EU, a gesture which shows the strength of their commercial relations, Osman Okyay, head of the Turkey-UK Business Council of the Foreign Economic Relations Board, told Anadolu Agency.
If the agreement faces any delay, Turkey s trade volume with the UK could suffer, he added.
Modern Diplomacy
A projected sharp reduction in trade between the United States and China in the next two years coupled with moves to diversify supply chains potentially position Turkey alongside Vietnam, Mexico, Taiwan and Poland as competitors in efforts to reduce dependency on the People’s Republic, according to a just published study.
The study, conducted by the Boston Consulting Group on behalf of the Turkey-US Business Council (TAIK), suggests that Turkey, located on a fault line that separates Europe from Asia, has prerequisites to emerge as a winner provided it invests in its digital, electronics and equipment sectors.
TAIK is an affiliate of the Foreign Economic Relations Board of Turkey (DEIK), the country’s oldest and largest business association.