Wednesday, June 19, 2024

Royal Innovative Anticipates a Flourishing Future for UK-Turkey Agricultural Trade

Royal Innovative, a key player in facilitating agricultural exports from Türkiye to the UK, announces a 55% surge in business volume, propelling the anticipation of substantial growth in the coming year.

In the dynamic landscape of international trade, Royal Innovative stands at the forefront, fostering a robust relationship between Türkiye and the UK in the agricultural sector. The company proudly reports a staggering 55% increase in business volume for UK-targeted agricultural exports during the first 10 months of 2023, marking a significant milestone in its commitment to expanding trade horizons.

As of October, the United Kingdom holds the position of the 3rd largest destination for Türkiye’s total exports. Boris Volfman, the visionary Founder of Royal Innovative, underscores the ongoing efforts to update the Free Trade Agreement (FTA) between the two nations. The FTA, in force since January 1, 2021, has played a pivotal role in shaping the trade dynamics post-Brexit.

“Among Türkiye’s total exports to the UK, which approached 10 billion dollars in the first 10 months of 2023, agriculture is slightly above 1 billion dollars,” notes Volfman. “During this period, agricultural exports from Türkiye to the UK increased by nearly 5%. As a company that acts as a bridge between Turkish agriculture and the UK, in parallel with this growth, we increased our business volume in the country by 55% in the first 10 months of the year. With the possible update of the agreement, we expect a significant growth in agricultural exports between the two countries by the end of 2024.”

Volfman sheds light on the historical significance of the current FTA between Türkiye and the UK, emphasizing its status as the first free trade agreement inked post-Brexit. The Founder highlights, “With the joint statement published in July, a mutual declaration of intent was made to start update negotiations. The scope of trade between the two countries is expected to be updated and expanded.”

The expansion envisaged in the updated FTA holds promise for increased collaboration in the agricultural domain. Volfman predicts, “While new areas are being added to goods trade, it is anticipated that there will be additional regulations that will increase the volume, especially in agriculture.”

“Türkiye is a candidate to be the UK’s largest agricultural partner, both in terms of its climate and geographical location.”

Continuing on the path of progress outlined in the Medium Term Program prepared by the Presidency of Strategy and Budget, Türkiye aims for an export target of 302.2 billion dollars by the end of 2026. Volfman asserts Royal Innovative’s commitment to this vision, stating, “As one of the stakeholders of the agricultural sector in Türkiye, we have fulfilled our responsibility and will work to increase the share of agriculture in targeted exports.”

The emphasis on Türkiye becoming the UK’s largest agricultural partner is not merely a projection but a strategic endeavor grounded in climatic and geographical advantages. Volfman concludes, “We will be at the service of Turkish producers seeking new markets and UK citizens for their agricultural product needs, from locating farmers to quality control, from product selection to price negotiation, from packaging to logistics.”

Highlighting the diversity of Türkiye’s agricultural exports, Volfman points out, “Fresh fruits and vegetables have an important place in Türkiye’s agricultural exports, and the UK ranks 11th among the countries with the most exports in this field. We also mediate the delivery of agricultural products grown all over Türkiye to the UK. Export products that vary depending on the season include, for example, tomatoes, grapefruits, peaches, plums, pomegranates, avocados, carrots, oranges, persimmons, and sweet peppers in the winter.”

Royal Innovative’s success story in boosting agricultural exports to the UK is not just a testament to its business acumen but also a promising chapter in the ongoing narrative of Türkiye-UK trade relations. The anticipation of a revamped FTA adds a layer of optimism to the trajectory, positioning Türkiye as a key player in the UK’s agricultural landscape. This comprehensive version delves into the intricacies of Royal Innovative’s achievements, the importance of the current FTA, and the strategic vision for the future, providing a detailed and informative article for publication.

Elliot is the Editor at ABCMoney. He manages a team that writes and contributes to many leading publications across a number of industries.

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