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The UK and Turkey signed a trade continuity agreement on 29 December 2020. The signed Free Trade Agreement (FTA) will ‘secure existing preferential tariffs for the 7,600 UK businesses that exported goods to Turkey in 2019, ensuring the continued tariff-free flow of goods and protecting vital UK-Turkey supply chains in the automotive and manufacturing sectors’. Secretary of State for International Trade, Liz Truss, said: ‘Today’s deal covers trade worth more than £18 billion, delivers vital certainty for business and supports thousands of jobs across the UK in the manufacturing, automotive and steel industries.’ She added: ‘It paves the way for a new, more ambitious deal with Turkey in the near future, and is part of our plan to put the UK at the centre of a network of modern agreements with dynamic economies. More trade and investment will drive economic growth across our United Kingdom and help us build back stronger from Covid.’
Source: UK and Turkey sign trade deal
For further detail, see: LNB News 29/12/2020 15.
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