As the end of the Brexit transition period approaches, Turkey and the United Kingdom have signed a Free Trade Agreement (“FTA”) to avoid any disruption and amendments to tariffs in place due to the existing E.U. Customs Union. The FTA maintains special tariffs from the Customs Union in industrial and agricultural goods and will take effect on Jan. 1, 2021, when the Brexit transition period ends and the U.K. leaves the E.U.’s trading arrangements.
The FTA will help the flow of goods between the two countries, which is worth USD 25 billion per annum. This volume of trade makes the U.K., Turkey’s second-biggest trading partner after Germany, and the fifth-biggest investor, with investments in Turkey worth nearly 11.6 billion dollars. Read More.