Ankara: Trkiye and the UK have concluded the first round of Free Trade Agreement (FTA) negotiations, as confirmed by a statement from the Turkish Trade Ministry. The discussions, which took place in Ankara with high-level representation from both countries, were described as highly productive, with a focus on deepening the scope of the existing FTA.

According to Anadolu Agency, the updated agreement is set to provide new market opportunities, particularly in agricultural products, and will include comprehensive provisions aimed at fostering a beneficial trade environment in services. The negotiations highlighted potential opportunities in financial services, including Islamic finance, and considered competitive service sectors such as health and audiovisual services.

The talks also focused on facilitating investments, ensuring mutual recognition of geographically marked products, and raising awareness for small and medium-sized enterprises (SMEs). Cooperation areas such as innovation, consumer protection, and women's economic empowerment were also addressed. The sustainable development dimension of trade, involving environmental and labor issues, along with streamlined customs procedures, was incorporated to facilitate trade in both traditional and digital channels.

The statement emphasized the mutual commitment to finalizing the FTA promptly to enhance the prosperity of both nations. It highlighted the significant trade volume between Trkiye and the UK, which reached $22 billion in 2024, with the UK being Trkiye's seventh-largest trading partner. The UK is noted as the second-largest trading partner for Trkiye, with a foreign trade surplus of $8 billion, underlining its strategic importance.

Looking ahead, the next round of negotiations is expected by the end of 2025, with both parties committed to a constructive dialogue process aimed at finalizing a new generation FTA agreement.