Jun 18 2019

Britain, Turkey signal strengthening bilateral trade amid uncertainty over Brexit

The Turkish trade minister said on Tuesday that Turkey would strengthen bilateral trade with Britain regardless of the conditions of Brexit,  state-run Anadolu Agency reported.

British imports from Turkey totalled $13.8 billion last year, while annual trade between the two countries recently surpassed $20 billion, according to the British government.

Turkey will likely be most badly hit if Britain ultimately leaves the European Union without trade arrangements, cutting off a major part of Ankara's $3.7 billion trade surplus with London, if there is a so-called no-deal Brexit.

Brexit with a deal would be favourable for both sides, the trade minister Ruhsar Pekcan said at a meeting in the capital Ankara called "The Future of Turkey-United Kingdom Trade Relations". Besides, Ankara seeks to collaborate with London in the Middle East, Africa, Central Asia, the Balkans and the Far East, she added.

Britain’s Secretary of state for international trade Liam Fox echoed the Turkish minister’s call for enhanced trade relations and said close bilateral relations are more crucial than ever for Britain as the country prepares to leave the bloc.