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FinancialNews


  • 26-05-20

    Trade between Turkey, UK might hit USD20 billion

    (MENAFN)


    Authorities of the UK are making plans to raise the bilateral trade of Britian and Turkey to reach a total of USD20 billion in two years in 2023, according to a top Turkish business leader.

    Head of the Foreign Economic Relations Board's (DEIK) Turkey-UK Business Council, Osman Okyay, said that the bilateral trade between the two countries stood at USD16.3 billion in the earlier year, as USD11.2 billion of it were made up from Turkish exports.

    Britian was one out of the 17 countries that Turkey has increased the machinery, automotive, electric and electronics, chemicals, and food exports to.

    The official said that if Britain and the EU could reach a deal by the end of 2020, Brexit holds many opportunities to increase the bilateral trade volume.

    The official said that "due to the [Turkey-EU] Customs Union, Turkey can't sign a free trade agreement (FTA) with the UK before the completion of the EU-British agreement".

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