Uk Turkey Free Trade Agreement Pdf
The UK Turkey Free Trade Agreement: A Comprehensive Analysis
The United Kingdom (UK) and Turkey have a long-standing economic relationship that dates back several decades. In January 2021, the two countries signed a landmark free trade agreement (FTA) that seeks to further strengthen trade ties between them. The UK-Turkey FTA provides a framework for the two countries to deepen their economic cooperation, reduce trade barriers, and foster greater investment opportunities.
The UK-Turkey FTA is a comprehensive agreement that covers a wide range of trade-related issues. It includes provisions on trade in goods, services, and investment, as well as provisions on intellectual property, government procurement, and competition policy. The agreement also includes a chapter on sustainable development, which sets out commitments on environmental protection, labor rights, and social standards.
One of the key benefits of the UK-Turkey FTA is the elimination of tariffs on a large number of goods traded between the two countries. Under the agreement, both countries have committed to reducing or eliminating tariffs on 99% of goods traded between them over a period of time. This will significantly reduce the cost of goods for consumers in both countries, and make trade between the two countries more competitive.
The UK-Turkey FTA also provides new opportunities for businesses to access each other`s markets. For example, UK businesses will be able to bid for public procurement contracts in Turkey, which was previously not possible. Similarly, Turkish businesses will be able to sell their services and products more easily in the UK market.
In addition, the UK-Turkey FTA includes provisions on investment protection. The agreement guarantees that investors from both countries will be treated fairly and equitably, and that they will not be subjected to unfair or discriminatory treatment. This will provide greater certainty for businesses and investors, and encourage greater investment flows between the two countries.
The UK-Turkey FTA is a landmark agreement that has the potential to significantly boost trade and investment flows between the two countries. It provides a comprehensive framework for economic cooperation, and will help to reduce trade barriers and promote investment. The full text of the agreement is available in PDF format and can be accessed from the official website of the UK government.
In conclusion, the UK-Turkey FTA is a significant milestone in the economic relationship between the UK and Turkey. It provides a solid foundation for deeper economic cooperation, and has the potential to create new business opportunities and support economic growth in both countries. As the two countries move forward with implementing the agreement, it will be essential to monitor its impact on the ground to ensure that it delivers the intended benefits to businesses and consumers alike.
