Legal Update: Turkey to Take a Stance regarding Trade Relations after Brexit, Free Trade Agreement will be Negotiated with the UK
In line with the Circular on Transition Period regarding United Kingdom’s Withdrawal from the European Union issued by the Presidency of the Republic of Turkey published in the Official Gazette dated February 1, 2020 (“Circular”), the Ministry of Trade has published an announcement regarding Turkey’s stance on trade relations with the United Kingdom (“UK”) in scope of Brexit on February 1, 2020.
The Ministry of Trade has announced, parallel to the Circular, even though the UK would no longer be a member state, it will continue to be treated as one and maintain its position as a member of the EU Customs Union during the transition period.
Accordingly, a Trade Agreement to regulate future relations between the UK and the EU will be negotiated as the transition period, which is expected to end on December 32, 2020, has started after Brexit.
In line with the negotiations for a Trade Agreement between the UK and the EU to determine future relationship after the transition period, a bi-lateral Free Trade Agreement to be executed between Turkey and the UK is planned to be negotiated through the already established Working Group on Trade by the two countries. It is also stated that the preparations for the negotiation process has already been conducted with the UK.
The Ministry of Trade had announced ongoing discussions for an extensive Free Trade Agreement to be executed in medium/long term on August 30, 2018.