Since London's exit from the European Union (Brexit), Turkish-British economic relations have been living in their golden period due to the increase in trade and mutual investments between the two sides.
In a move that will result in a change in many political and economic balances in favor of Turkey, Foreign Minister Mevlüt Çavuşo أوlu announced that his country was very close to signing a free trade agreement with the United Kingdom, which he described as a strategic ally.
This came in statements made by the Turkish minister during a working visit to the Kingdom in which he met Prime Minister Boris Johnson, explaining that the trade agreement will cover manufactured goods, agriculture and services.
Earlier, Chris Gayunt, President of the British Chamber of Commerce in Turkey (BCCT), said in a press statement that cooperation between his country and Turkey is three times that of cooperation with Brazil, which is greater than its cooperation with India, adding that "many businessmen do not know these The truth, and they are surprised and baffled when we tell them. "
The second largest partner
The UK is the second largest trading partner with Turkey after Germany, and reaching a free trade agreement with Britain is crucial for Turkish companies, especially car manufacturers, textile factories and home appliance manufacturers, according to the British Financial Times.
During the transition phase of its exit from the European Union, London seeks to reach bilateral trade agreements with a number of its main allies, in particular with the United States, Australia, New Zealand, Japan and Turkey.
The volume of trade between Turkey and Britain last year was 18.8 billion dollars, of which 7.9 billion were British exports and 10.9 billion Turkish exports, according to the British National Statistics Office.
Estimates indicate that there are about 350,000 to 400,000 Turks in the United Kingdom, most of whom benefited from the Ankara agreement it signed with the European Common Market in 1963, which allowed the Turks to operate and set up companies in Britain.
Britain was a permanent supporter of Turkey's full membership of the European Union. And with its decision to withdraw from the largest European gathering, it has shown willingness since signing a new and comprehensive free trade agreement with Ankara.
During the past 23 years, Turkey's exports to the UK have increased at an annual rate of 10.3%.
During 2017, motor vehicles - for transporting goods - came first among Turkish products exported to Britain, accounting for 12.1% of total exports, followed by cars 10.2%, then insulated wires, electrical connections and optical fiber cables 4.9%.
As for imports, diesel and semi-diesel engines come first with a rate of 15%, followed by iron and steel 14.2%, and cars 10.4%.
The number of British companies active in Turkey today is more than 3 thousand companies.
Distinguished relationship
Economic researcher Ahmed Musabeh stated that with the end of Britain's trade agreements with the European Union, it has become obligatory to search for new commercial partners, and the volume of trade between the two parties in 2019 amounted to 511 billion dollars (318 billion exports from the European Union, 193 billion exports from London) and therefore it will be Turkey is one of the best alternatives for this country to expand trade with it, especially since the British economy represents 3.14% of the global economy.
"The trade relations between Britain and Turkey are distinguished before the first exit from the European Union, and accordingly, the free trade agreement between the two parties will have a major role in enhancing the current account balance of Turkey, and reducing the current account deficit, and therefore there will be a positive reflection on the economic indicators in Turkey".
According to most indicators, and in light of the distinguished diplomatic relations between Turkey and Britain, the former will have a good share for the following reasons, according to the economic researcher:
Before Britain left the European Union, it was one of Turkey's most important trading partners, which will increase the latter's fortunes in this regard.
- Tense relations between China and European countries will increase Turkey's chances of strengthening its stake with Britain.
Turkey's geographical position and the ability of its market to bridge the shortfall generated by Britain from its exit from the European Union.
Commercial convergence
For his part, Yasin Govanche, a professor of international relations at the University of Arges in Kayseri, believes that the uncertainty that dominates the economy after Britain's exit from the European Union was a strong driver behind this trade rapprochement between Ankara and London.
"This is accentuated by the UK's doubling of the export financing program for Turkey, and there are efforts to increase cooperation in the areas of energy, health care, manufacturing and defense," the Turkish academic told Al Jazeera Net.
He noted the close cooperation between Ankara and London in many areas, perhaps the most prominent of which is intelligence and counter-terrorism, as well as immigration and refugees, because Britain needs Turkey as being of great strategic importance.
"It is expected that the British businessmen will focus more on the Turkish market and will closely follow investment opportunities in the coming period," said Professor of International Relations.