Here we go! Liz Truss eyes bumper new trade deal with Turkey worth £20BN to Brexit Britain

Turkey is an ‘increasingly significant power’ within EU says expert

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Turkey and the United Kingdom rolled over a free-trade agreement in December days before Britain formally left the European Union in 2020, to keep up the existing flow of goods. The trade ministers of the two countries signed an agreement on December 29 with ministers saying the extended deal would replicate existing trading terms.

But Minister for Exports Graham Stuart said a new and more ambitious deal was on the horizon, which will include financial services.

Mr Stuart added: “We’re going to negotiate an even deeper agreement next year.

“We believe that Turkey in the UK, in partnership, can do even more, and build prosperity, success and partnership between both countries in the years to come.”

The Department for International Trade minister said trade between the two countries grew by 70 percent in the 10 years up to 2019 to £20billion.

Under the deal, Mr Stuart said both countries could work together on issues related to climate change, especially in policy areas such as clean growth technology and electric cars.

He added: “Our experience installing electric vehicle charging, for instance, will be crucial to delivering climate targets in Istanbul and beyond.”

Mr Stuart also claimed Turkish firms were flocking to the UK because it boasted the strongest startup and technology scene in Europe.

He claimed: “I think you can see why so many major Turkish firms are looking to start or expand their operations in the UK.

“That’s why I think we are a unique base where Turkish companies can globalize.”

Britain is Turkey’s second-biggest export market after Germany after ex­ports to the UK surged 36.5 percent between Jan­uary and July of 2020, ac­cord­ing to data from the Turk­ish Ex­porters’ As­sem­bly (TİM).

Without an initial trade argeement, about 75 percent of Turkish exports to the UK would have been subject to tariffs, causing losses of £1.75billion.

It comes as figures from the UK Government revealed that an increasing number of Turks were seeking to come and work in the UK.

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Government data show they had more than quadrupled in a year with more than 37,000 applications from Turks in the year to June 2021, up from 9,000 in the year to March 2020.

The increase comes as a new post-Brexit regime lifted the cap on skilled workers from non-EU countries.

It put Turkey on the same level as India for work visa applicants with more than double the number of applications for UK work visas than any other world nation.

The data reveals Ukraine is the next highest on 15,000, followed by the Philippines on 11,000 and the US on 9,000.

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