Britain says it will sign free trade deal with Turkey this week

 

FILE PHOTO: Trucks and shipping containers are pictured at Haydarpasa port in Istanbul, Turkey, April 18, 2018. REUTERS/Yoruk Isik/File Photo

 

(Reuters) - Britain and Turkey are set to sign a free trade deal on Tuesday, the UK trade ministry said on Sunday, the first since Prime Minister Boris Johnson secured a new trade agreement with the European Union.

 

The two nations will sign a deal that replicates the existing trading terms between Ankara and London, but British trade minister Liz Truss said that she was hopeful a bespoke deal between the countries could be struck soon.

 

"The deal we expect to sign this week locks in tariff-free trading arrangements and will help support our trading relationship. It will provide certainty for thousands of jobs across the UK in the manufacturing, automotive and steel industries," Truss said in a statement.

 

"We now look forward to working with Turkey towards an ambitious tailor-made UK-Turkey trade agreement in the near future."

 

The trading relationship was worth 18.6 billion pounds ($25.25 billion) in 2019, and Britain said it was the fifth biggest trade deal the trade ministry had negotiated after agreements with Japan, Canada, Switzerland and Norway.

 

Britain has now signed trade agreements with 62 countries ahead of the end of the Brexit transition period on Jan. 1, when it leaves the EU's trading arrangements.

 

It clinched its narrow trade deal with the EU, its biggest trading partner, last week.

 

($1 = 0.7367 pounds)

 

(Reporting by William James and Alistair Smout in London and Radhika Anilkumar in Bengaluru; Editing by Alison Williams)

 

-- © Copyright Reuters 2020-12-28

 

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Doing a deal with the devil in Erdogan is not something to brag about unless we have sold him some porkpies ????

1 hour ago, webfact said:

The two nations will sign a deal that replicates the existing trading terms between Ankara and London, but British trade minister Liz Truss said that she was hopeful a bespoke deal between the countries could be struck soon.

I doubt that, as the current deal with Turkey by the EU is, for agricultural/fully natural products, basically a Customs Union and NOT a Free Trade Agreement.

Excellent news. Liz Truss is doing a great job signing all these deals quickly.

 

I love reading all of The Bitters comments as well. Most amusing ????.

1 hour ago, JonnyF said:

Excellent news. Liz Truss is doing a great job signing all these deals quickly.

 

Sure, I assume it has not been done that quickly, and  time was taken to read it carefully.  Of course if it is only a replication of a contract with the E.U., pretty sure it can go very very quickly, as it should be, as a matter of fact.

 

56 minutes ago, luckyluke said:

 

Sure, I assume it has not been done that quickly, and  time was taken to read it carefully.  Of course if it is only a replication of a contract with the E.U., pretty sure it can go very very quickly, as it should be, as a matter of fact.

 

Yes, it would make sense to just roll over the EU agreement and use that for a few years. That way there is minimal disruption for UK trade with Turkey. Once things have settled down post Brexit and post Covid we can work on a more tailor made option between the 2 countries.

 

Unless Turkey is finally accepted into the EU of course.

17 minutes ago, JonnyF said:

Once things have settled down post Brexit and post Covid we can work on a more tailor made option between the 2 countries.

 

I don't think it is wise to wait, as historically, agreements takes years, it would be better to start now.

Of course there is a probability it is already.

With no official announcements as per now, it must however been catalogued as speculation.

19 minutes ago, luckyluke said:

 

I don't think it is wise to wait, as historically, agreements takes years, it would be better to start now.

Of course there is a probability it is already.

With no official announcements as per now, it must however been catalogued as speculation.

 

I think the UK's priority is to tie up the loose ends on the US trade deal. 

 

It would be more great news for the Scots. They know which side their bread is buttered.

 

https://www.theguardian.com/business/2020/dec/17/uk-and-us-close-to-deal-on-cutting-tariffs-says-white-house-trade-chief

 

4 hours ago, webfact said:

Britain has now signed trade agreements with 62 countries ahead of the end of the Brexit transition period on Jan. 1, when it leaves the EU's trading arrangements.

At last lets get the C19 out of the way along with brexit and get on with the future.

2 hours ago, JonnyF said:

Excellent news. Liz Truss is doing a great job signing all these deals quickly.

 

I love reading all of The Bitters comments as well. Most amusing ????.

???? it's peculiar how much some people hate the UK getting the best of the EU. 

Does that mean Donnor Kebabs will be cheaper?

32 minutes ago, ChipButty said:

Does that mean Donnor Kebabs will be cheaper?

I was thinking more of a 'delight' ful FTA.

It makes sense to get this concluded quickly. We are their second biggest export market after Germany so it's no surprise that this was wrapped up quickly and easily, like most deals we've done (apart from the obvious exception of the EU).

 

Those trade deals are certainly stacking up now. It would appear we are not alone in the world as a Pariah State after all. What a surprise.????

2 hours ago, Kwasaki said:

???? it's peculiar how much some people hate the UK getting the best of the EU. 

How does the OP or indeed any other trade deal to date demonstrate UK has 'bested' the EU?

5 minutes ago, JonnyF said:

as a Pariah State

 

Why do you claim the U.K. is a Pariah State!

 

In reality it is,

 

the 5-6th. largest economy in the world, and second-largest in Europe.

 

It isn't worthwhile news to state that a country wish to do business with it.

 

News would be, that a country doesn't wish to do business with the U.K..

 

 

 

I am sure that deal will make Britain great again. ???? 

11 minutes ago, simple1 said:

How does the OP or indeed any other trade deal to date demonstrate UK has 'bested' the EU?

Bit early for that question, don't you think..?  ????

9 minutes ago, luckyluke said:

 

Why do you claim the U.K. is a Pariah State!

 

In reality it is,

 

the 5-6th. largest economy in the world, and second-largest in Europe.

 

It isn't worthwhile news to state that a country wish to do business with it.

 

News would be, that a country doesn't wish to do business with the U.K..

 

 

 

I think you misunderstood my point.

 

I was ridiculing the position of certain posters on here that were claiming Britain would be alone in the world and nobody would want to trade with us.

4 minutes ago, OneMoreFarang said:

I am sure that deal will make Britain great again. ???? 

It's "Great Britain" now chap, even on new passports ......????

 

 

 

8 minutes ago, transam said:

Bit early for that question, don't you think..?  ????

 

_{if cannot back it up, one shouldn't make the claim.}

32 minutes ago, simple1 said:

How does the OP or indeed any other trade deal to date demonstrate UK has 'bested' the EU?

'Thriving outside of' does it for me but it will be several months before it's blatantly obvious.

HTH

9 minutes ago, simple1 said:

 

_{if cannot back it up, one shouldn't make the claim.}

What claim, nothing is sorted yet, it is the UK's new beginning, so hold your horses chap, come back in about five years.....????

33 minutes ago, simple1 said:

How does the OP or indeed any other trade deal to date demonstrate UK has 'bested' the EU?

Because the deal with Turkey just involves the UK and Turkey only.

 

If we were still in the EU we wouldn't be involved as it is the business of the EU to deal with an agreement and anyone of the 28, very soon to be 27, countries can veto the deal.

1 minute ago, transam said:

What claim, nothing is sorted yet, it is the UK's new beginning, so hold your horses chap, come back in about five years.....????

 

Agree. I was responding to member's post...

 

" it's peculiar how much some people hate the UK getting the best of the EU. "

27 minutes ago, transam said:

It's "Great Britain" now chap, even on new passports ......????

 

 

 

Did anything change apart from the color?

 

The removal of "European Union".

34 minutes ago, JonnyF said:

I think you misunderstood my point.

 

I did,

I thought you were playing the  " we are oh so exceptional " card. 

Sorry.

A post quoting lengthy material in violation of forum "fair use" rules has been removed.

 

18 minutes ago, OneMoreFarang said:

Did anything change apart from the color?

 

 

19 minutes ago, OneMoreFarang said:

Did anything change apart from the color?

 

Yes....

4 hours ago, JonnyF said:

 

I think the UK's priority is to tie up the loose ends on the US trade deal. 

 

It would be more great news for the Scots. They know which side their bread is buttered.

 

https://www.theguardian.com/business/2020/dec/17/uk-and-us-close-to-deal-on-cutting-tariffs-says-white-house-trade-chief

 

Great news for the Scots? They want out as they are sponsoring the UK by a lot.

Edited December 28, 20205 yr by FritsSikkink