The United Kingdom and Turkey have concluded a trade agreement

The United Kingdom and Turkey have concluded a trade agreement

The United Kingdom and Turkey have concluded a trade agreement. The two countries will thus ensure the continuity of economic relations after Britain's departure from the European Union's (EU) common market. Turkish Trade Minister Ruhsar Pekcan signed an agreement on Tuesday in a video interview with British Trade Minister Liz Truss. The agreement will enter into force on 1 January 2021. Pekcan called the agreement, which ensures duty-free trade in all agricultural and industrial products, "historic". Britain is Turkey's second largest export market after Germany, Pekcan stressed. Turkey, on the other hand, is particularly important for the British car industry, with 10 per cent of the volume of trade going to the American carmaker Ford, which transports British-made car parts to Turkey, where they use them to assemble the Transit model. According to British figures, inter-country trade reached GBP 18.6 billion (€ 20.47 billion) in 2019. Truss said the deal was a big win for the UK automotive, manufacturing and steel industries. She added that she was paving the way for another agreement with Turkey in the near future.