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Turkey agreed to wide-ranging post-Brexit trade deal with UK

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Staff Writer | November 11, 2016
Turkey has agreed to implement a wide-ranging trade agreement with Britain once it leaves the European Union, Turkish Economy Minister Nihat Zeybekci told a parliamentary commission in Ankara.
Nihat Zeybekci
Trade relations   A wide-range trade deal
Zeybekci in June had pledged right after Brexit vote that Turkey would continue to take steps to maintain and strengthen investment, foreign trade and financial relations with Britain.

British foreign secretary Boris Johnson in a visit to Ankara in late September said he hoped for a “jumbo” free trade deal following Brexit. Ankara has a customs union with the bloc.

“We have decided to bring online a wide-range trade deal between the two countries once Britain leaves the EU,” Zeybekci told the parliament’s planning and budgetary commission as he presented his ministry’s 2017 budget.

He did not give further details. He also said Turkey planned to increase the list of items it exports to Iran to 400 by the end of the year from a current 265.

Turkey’s exports to the United Kingdom totaled $10.6 billion in 2015, according to IMF data.

Turkey expects talks to resume in the first quarter of next year on updating its customs union with the European Union, he also said, in a step Ankara hopes could double its trade with the bloc