While the trade ties between the UK and Turkey continue at full speed, the landmark free trade agreement is planned to be renegotiated to include more sectors in the next two years, APA reports citing Anadolu.
The UK officially quit the EU after 47 years of membership on Jan. 31, 2020, as the 27 members of the bloc approved the Brexit deal on Nov. 25, 2018.
On Dec. 24 last year, the UK reached a post-Brexit trade agreement with the EU in a bid to prevent commercial losses after the divorce.
A few days later on Dec. 29, the country signed a historic free trade agreement with Turkey.
According to the Turkish Statistical Institute, Turkey's exports to the UK rose by 28% year-on-year to $9.7 billion in January-September, while its imports from the country increased by 4.5% to $4.2 billion in the same period.
Brexit has not affected the UK’s trade relations with Turkey thanks to the historic free trade agreements, Chris Gaunt, chairman of the British Chamber of Commerce in Turkey (BCCT), told Anadolu Agency.
He pointed out that the deal has a clause to enhance and improve the free trade agreements.
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