London: Eyeing a $40 billion trade target, Trkiye and the UK on Thursday signed a new Joint Economic and Trade Committee (JETCO) Action Plan containing 16 concrete measures, alongside a mutual recognition agreement, during high-level talks in London. The agreements were part of the 8th term meeting of the Trkiye-UK JETCO, held during a visit to London by Turkish Trade Minister Omer Bolat.
According to Anadolu Agency - English, Bolat met Peter Kyle, the UK secretary of state for business and trade, where discussions focused on bilateral trade and economic cooperation, as well as new trade and investment opportunities based on mutual trust and a win-win approach. Bolat emphasized the importance of maintaining and strengthening multifaceted cooperation with the UK in trade and investment and expressed hope for a strategic partnership.
Bolat noted that the JETCO meeting resulted in the signing of the JETCO Protocol and agreements to deepen bilateral cooperation. The JETCO Action Plan, containing 16 action items, and the Mutual Recognition Agreement on Authorised Economic Operators were key outcomes. Bolat highlighted progress in negotiations to modernize the free trade agreement between the two countries, expressing optimism about the economic partnership.
He also mentioned meetings with Turkish private sector representatives and leading UK companies. Bolat highlighted Trkiye's young, skilled workforce, strategic geographical location, and comprehensive investment incentives as significant for attracting investments. He emphasized the continued strengthening of Turkish companies' global positions through international cooperation.
Bolat discussed the benefits of a memorandum of understanding on cooperation in third countries in contracting and expressed hope for new investment opportunities. The existing UK-Trkiye Free Trade Agreement, effective since 2021, has boosted bilateral trade by over $5 billion in four years, reaching $24 billion. Both countries aim for trade targets of $30 billion in the short term and $40 billion in the medium term.