Thursday, July 25, 2024

Turkiye and UK partner in agriculture to gain mutual competitive advantage

Turkiye is one of the UK’s key trading partners. With the free trade agreement signed between the two countries, the total trade volume increased by 20.2% in 2021 compared to the previous year. Agricultural products are also included in the exports of a strong agricultural country like Turkiye to the UK.

London – Combining the continents of Europe and Asia, Turkiye plays an important role in global exports with many of its products. One of the prominent markets in the country’s exports is the United Kingdom (UK). From Turkiye, textiles, food and agricultural products to machinery and chemicals, there are suitable products from many sectors suitable for export to the UK.

Royal Innovative Founder Boris Volfman said: “Agriculture is one of the important sectors where two countries can cooperate to create economies and increase and benefit from each other’s competitive advantage. There is already fruitful cooperation between the two countries in this critical area. We aim to increase this even more.”

Turkiye is a “Ready to Trade” country for UK

The UK, which is the 5th largest economy in the world, has a vibrant market with its developed industry and high purchasing power. According to the economic freedom index, it is in the 24th position among 177 countries. It ranks 9th among 141 countries in the world in terms of global competitiveness and 8th among 190 countries in terms of ease of doing business.

Pointing out that the extensive commercial and economic relations between Turkiye and the UK, which date back to many years, have increased especially after the Brexit period, Boris Volfman said, “An agreement was reached on 24 December 2020 in the negotiations between the EU and the UK. With the agreement, which entered into force on January 1, 2021, duty-free trade for most goods is guaranteed. The UK also targeted to develop trade with 13 countries after Brexit. Turkiye is among the countries called ‘Ready to Trade’.”

The UK has traditionally been an important trading partner of Turkiye

Traditionally a very important trade partner of Turkiye, the UK is one of the countries where the country has a surplus in foreign trade. The trade volume between Turkiye and the UK is close to 19 billion dollars, according to the end of 2022 data. UK is also the 12th important supplier from which Turkiye imports.

Stating that Turkiye is an indispensable commercial partner of the United Kingdom, Boris Volfman said, “After Brexit, Turkiye and the UK are the two largest European countries that are not in the EU. In order to strengthen the partnership of the two countries, mutual trade and investment relations should also increase. Agricultural products are also included in the exports of a strong agricultural country like Turkiye to the UK. In the United Kingdom, where nearly half a million Turkish citizens live, the demand for products from Turkiye is high.”

Turkiye’s second largest export market in Europe

“Turkiye is one of the UK’s key trading partners. The UK is Turkiye’s second largest export market in Europe after Germany,” said Boris Volfman, noting that with the Free Trade Agreement (FTA) signed between the two countries at the end of 2020, increased the trade volume by 20.2% in 2021 compared to the previous year  “When we look at the last 10 years of Turkiye’s general exports to the UK, there has been a significant upward trend since 2014,” said Boris Volfman, adding, “The country’s exports to the UK reached a value of 13 billion 11 million dollars in the January-December 2022 period. When the trade with the UK in recent years is analyzed, it is observed that there is a foreign trade surplus in favor of Turkiye. Also UK is among the ‘Target Countries’ determined by the Turkish Ministry of Commerce for the period 2022-2023.

“There is an increase in the number of Turkish investors who realize their global goals through their strategic investments in the UK. We are trying to contribute to the increase in investment volume as well as trade by creating a network that will bring together potential business partners in Turkiye and the UK in an important field such as agriculture.”

Stating that commercial steps based on agricultural exports to the UK can turn into high profits with patience and proper planning, Boris Volfman said, “The UK is a country that imports vegetables and fruits from many countries of the world. In terms of logistics, both by land, sea and air, Turkiye is almost a paradise for the UK. For this reason, it is an ideal commercial location for Turkiye’s agriculture with its population approaching 79 million, primarily for vegetables and fruits, pulses and frozen products.


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