Turkey-United Kingdom trade volume target is 25 billion dollars

The United Kingdom and Turkey have announced that they will start negotiations for a new Free Trade Agreement (FTA). Ben Aldred, Deputy Trade Commissioner of the British Consulate General, Ilaria Regondi, Chief Negotiator of the Turkey-UK Free Trade Agreement, and Harriet Ackland, Policy and Strategy Leader of the Turkey-UK Free Trade Agreement, visited Aegean exporters to exchange views ahead of the upcoming negotiations to update and expand the scope of the Free Trade Agreement.
Turkey, a suitable market for British companies to invest in
Yalçın Ertan, Vice President of the Aegean Exporters’ Associations and President of the Aegean Ferrous and Non-Ferrous Metals Exporters’ Association, stated that the UK is Turkey’s third-largest export market with $11.4 billion in 2023, and the Aegean Exporters’ Associations’ fifth-largest export market with $876 million. He mentioned the bilateral trade volume between Turkey and the UK reaching $19 billion in 2023, with UK imports totaling $5.959 billion. Ertan emphasized the high standards and strong infrastructure of Turkey, expressing the belief that with a new, modernized FTA, the bilateral trade volume could reach $25 billion and beyond.
We aim to increase our food exports to $2 billion in the near future
Mehmet Ali Işık, Sustainability and Organic Products Coordinator of the Aegean Exporters’ Associations and President of the Aegean Dried Fruits and Products Exporters’ Association, mentioned that the UK is a key market for dried fruits, garments, fresh fruits and vegetables, and aquatic products exported from the Aegean region. He highlighted the significant growth in trade over the past decade and expressed the goal of increasing food exports to the UK from $1 billion to $2 billion in the near future.
Facilitation needed to achieve price competitiveness
M. Emre Uygun, President of the Aegean Olive and Olive Oil Exporters’ Association, emphasized the importance of easing customs duties for olive oil exports to the UK to increase Turkey’s share in the UK market. He pointed out the UK’s position as a target market for the Turkish olive and olive oil sector, stressing the need for facilitation to achieve price competitiveness.
Our exports of $149.6 million consist of $149.5 million in seafood
Sinan Kızıltan, Sector Board Chairman of the Turkey Aquaculture and Animal Products Exporters’ Associations, stated that the seafood sector’s exports reached $1.7 billion in 2023, with the UK being the fifth-largest export destination with $158 million. He highlighted that almost 99% of the exports consist of seafood products, with the Aegean Aquaculture and Animal Products Exporters’ Association accounting for 95% of total exports to the UK. Kızıltan emphasized the importance of including table eggs in the FTA with the UK.
We aim to increase our exports to $500 million in the initial stage
Hikmet Güngör, Vice President of the Aegean Furniture Paper and Forestry Products Exporters’ Association, mentioned that they achieved $385 million in furniture, paper, and forestry products exports to the UK in 2023. He expressed the sector’s goal of reaching $500 million in exports in the initial stage with the Turkey-UK FTA.
Potential of our leather and leather goods sector will increase with the FTA
Halil Gündoğdu, Vice President of the Aegean Leather and Leather Goods Exporters’ Association, highlighted the $70 million in exports to the UK in the leather and leather goods sector in 2023. He noted the UK as the fifth-largest export partner and emphasized the significance of the UK market for the Turkish leather and leather goods sector, especially in shoes.