The UK and Turkey have signed an agreement to expand their trade arrangements, the UK's trade ministry said Wednesday.It's the first deal signed by the British Prime Minister Boris Johnson since he struck a trade deal with the EU.
A continuing trade agreement between the UK and Turkey will basically replicate existing trade terms between the two countries, the report said.
The Trade Continuity Agreement, signed online by trade officials from the two countries, will come into force on January 1, 2021, to ensure that the existing flow of goods will not be affected after the Brexit transition period ends.
Trade between the UK and Turkey totalled £18.6bn in 2019.The UK is Turkey's second largest export market, mainly in precious metals, vehicles, textiles and electrical equipment.Britain said it was the fifth trade deal negotiated by its Department of Trade, after deals with Japan, Canada, Switzerland and Norway.
Britain's International Trade Secretary Liz Truss said, "Today's agreement provides vital certainty for businesses and supports thousands of jobs in the manufacturing, automotive and steel industries in the UK."
"This paves the way for a new and more ambitious agreement with Turkey in the near future, as part of the UK government's plan to sign a broad range of cooperation agreements with dynamic economies," Truss stressed.
Britain and the European Union have agreed a post-Brexit trade deal.EU member states approved the agreement on the 28th local time January 1, 2021 provisional effect.