The UK and Turkey begin negotiations for a new free trade agreement

On Thursday, official talks to create a new Free Trade Agreement (FTA) between Britain and Turkey will begin. The goal of the new agreement is to include services in addition to products.

Although Turkey and Britain had an existing free trade agreement (FTA) that was extended after Britain exited the EU, a study conducted by both parties last year found potential for improvement in a new agreement.

Kemi Badenoch, the trade secretary, stated that a new agreement may offer the UK's services industry "a competitive edge in this growing market and has the potential to support jobs across the UK."

According to the commerce ministry, the first round of talks with NATO partner Turkey is scheduled for the summer.

Any agreement may provide British consumers more access to Turkish products like tomatoes and bulgur wheat and give British businesses more chances to export services.

Trade negotiations are now underway between the United Kingdom and the Gulf Cooperation Council (GCC), South Korea, and India. Early this year, negotiations on a new free trade agreement with Canada were suspended due to an inability to reach a consensus on the removal of obstacles for farmers.

(Sources: investing.com, reuters.com)