Turkey will lose big with no-deal Brexit - columnist
The threat of Britain’s hard exit from the European Union looms large over Turkey, which stands to lose access to its second-largest export market, independent news site Gazete Duvar said on Sunday.
Turkey’s autos, textiles and appliances face the biggest risk if Britain ultimately leaves the bloc without trade arrangements, effectively wiping out some $2.4 billion (£2.2 billion) of the country’s $3.7 billion (£2.8 billion) trade surplus with Britain, if there is a so-called hard, or no-deal Brexit, energy policy expert Mühdan Sağlam said in an article.
"Turkey is one of the countries that will feel the most pain from a Brexit without any special deals," Sağlam said.
Exports are vital to Turkey’s economy as it recovers from the recession after last year’s currency crisis knocked some 30 percent off the value of the lira, according to the expert.
Britain’s departure from the bloc without a replacement trade deal would mean that Turkey, covered by the EU’s customs union, would lose open access to the British market considering World Trade Organization's rules on bilateral trade, Sağlam said.