December 29th local time, according to the website of the Guardian, the British Department of Trade said that the United Kingdom and Turkey signed an agreement on the same day to expand their trade arrangements.
This is the first agreement signed by British Prime Minister Boris Johnson after reaching a trade agreement with the European Union.
According to the report, the trade continuity agreement between the United Kingdom and Turkey basically replicates the existing trade terms between the two countries.
The trade continuity agreement signed online by trade officials of the two countries will take effect on January 1, 2021 to ensure that the circulation of existing goods will not be affected after the Brexit transition period is over.
The total trade between the United Kingdom and Turkey reached 18.6 billion British pounds in 2019.
The UK is Turkey’s second largest export market, mainly involving precious metals, vehicles, textiles and electrical equipment.
The United Kingdom said it was the fifth largest trade agreement negotiated by the British Trade Department after reaching agreements with Japan, Canada, Switzerland and Norway.
Liz Truss, the UK Secretary of State for International Trade, said, “Today’s agreement provides critical certainty for enterprises and provides thousands of jobs in the manufacturing, automobile and steel industries in the United Kingdom.”
“This paves the way for a new, more ambitious agreement with Turkey in the near future, as part of the UK government’s plan to sign a broad cooperation agreement with a dynamic economy,” Trusss said.
Britain and the European Union have reached a post-Brexit trade agreement.
The ratification agreement of EU member states on the 28th will take effect provisionally on January 1, 2021 local time.