Turkey, UK agree on enhancing economic, commercial ties

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The Turkish and British trade ministers signed a memorandum of understanding (MoU) for the 6th Turkey-UK Joint Economic and Trade Commission (JETCO) in London on Sept. 12.

The MoU aimed to enhance economic and commercial ties between the two countries.

Speaking at the Turkey-U.K. business forum after the signing ceremony, Turkish Trade Minister Ruhsar Pekcan said both countries expected to further develop cooperation post-Brexit.

“We plan to include services, agricultural products trade, e-tradeand public purchasing to make the agreement more comprehensive,” Pekcan said.

She invited British firms to invest in high-technology free-trade zones in Turkey.

“We will provide special incentives to technology-based projects and companies which operate in IT, informatics and software sectors,” Pekcan said.

Liam Fox, the British secretary of state for international trade, highlighted the importance of Turkey’s geopolitical position.

He stated that JETCO was the start of a richer relation between the two countries andadded that it aimed to increase diversity in trade.

Underlining the bilateral trade volume target of $20 billion, Fox said the target was set realistically.

He noted that more than 200 prominent Turkish companies operated in the U.K.

Fox added that the number of British tourists visiting Turkey was expected to reach 3 million in 2018, up from 1.6 million last year.

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