London: The Independent Industrialists' and Businessmen's Association (MUSIAD), a prominent Turkish non-governmental organization, hosted a roundtable discussion at Britain's House of Lords aimed at enhancing trade relations between Trkiye and the United Kingdom. The event, held on Wednesday, focused on exploring mutual opportunities for cooperation between the two nations.
According to Anadolu Agency, the roundtable, titled "Business Without Barriers: Removing Obstacles in UK-Trkiye Trade," was hosted by Baroness Uddin, a member of the House of Lords. The gathering saw the participation of over 10 members of parliament, alongside businesspeople, investors, and sector representatives from both Trkiye and the UK. MUSIAD President Burhan Ozdemir emphasized Trkiye's role as a strategic partner for the UK, highlighting its industrial infrastructure, production capacity, and geographical position as key advantages.
Ozdemir noted that MUSIAD, which represents approximately 35% of Trkiye's trade and industrial production through its 14,000 members and over 60,000 companies, sees an expanded Free Trade Agreement (FTA) as crucial. He pointed out that a more inclusive FTA would not only boost trade but also foster long-term strategic cooperation between the two countries.
MUSIAD UK Chairwoman Tukan Akbas addressed the limitations of the current FTA, which primarily covers trade in goods. She pointed out the challenges faced by small- and medium-sized enterprises (SMEs) due to the exclusion of services, investment protection, public procurement, digital trade, and mutual recognition of professional qualifications. Akbas argued that these limitations hinder the economic potential between the UK and Trkiye.
Akbas further explained that in 2024, bilateral trade reached £27.8 billion ($38 billion), and with comprehensive modernization, this figure could increase by 25%. She underscored that combining the UK's financial and digital strengths with Trkiye's manufacturing capabilities could enhance the economic framework between the two nations.
The event also featured evaluations by various businesspeople and members of parliament. Trkiye's Ambassador to the UK, Osman Koray Ertas, delivered the opening speech, while British MP and UK Trade Representative to Trkiye, Afzal Khan, stressed the importance of inclusive trade. Other speakers included Ozlem Bacak, General Secretary and Trade Investment Advisor of MUSIAD UK, who underscored the need for the FTA's modernization to include environmental considerations.
Additional insights were provided by Tahir Ali, chairman of the APPG Trkiye Friendship Group, and other prominent figures such as Selim Sar, Ulker CEO Ozgr Kolukfaki, and HSBC Global Trade Solutions Director Stephanie Betant, who discussed potential cooperation avenues between Trkiye and the UK.