Agricultural opportunity in Turkiye-UK relations
Royal Innovative Founder Boris Volfman says, “The UK and Turkiye, which have traditionally important trade relations, could open up for agricultural products.”
London – In addition to its rich historical and cultural structure, Turkiye maintains its top position in global exports with its products exported to many countries around the world. One of these countries, the United Kingdom (UK), is among the countries that Turkey exports the most. In Turkey, there are many commodities suitable for export to the UK, from textiles, food and agricultural products to machinery and chemicals.
Royal Innovative Founder Boris Volfman pointed out that agriculture is one of the important sectors in which the two countries cooperate to create economic cooperation and gain mutual competitive advantage. “As Royal Innovative, we are working to increase this even more,” he said.
Turkey is among the “Ready to Trade” countries for the UK
The UK, which is the 5th largest economy in the world with a GDP of $2.67 trillion, has a vibrant market with its advanced industry and high purchasing power. Pointing out that the extensive trade and economic relations between Turkiye and the UK, which have been going on for many years, have increased especially after the Brexit period, Boris Volfman said, “An agreement was reached on 24 December 2020 in the negotiations between the EU and the UK. With the agreement, which entered into force on January 1, 2021, duty-free trade for most goods is guaranteed. The UK also targeted to develop trade with 13 countries after Brexit. Turkiye is among the countries called ‘Ready to Trade’ for the UK,” he said.
High demand in the UK for products originating from Turkey
Traditionally a very important trade partner of Turkiye, the UK is one of the countries where Turkiye has a surplus in foreign trade. With 13 billion 11 million dollars, the UK is positioned as the second largest market after Germany in Turkey’s exports to Europe in 2022. It is also the 12th important supplier from which it imports. The total trade volume between Turkey and the UK reached $19.3 billion by the end of 2022.
Stating that Turkiye is an indispensable partner of the United Kingdom, Royal Innovative Founder Boris Volfman said, “After Brexit, the two countries were the two largest European countries that are not in the EU. While they highly value connections with European institutions, they are also working intensively in other parts of the world. In order to strengthen the partnership between the UK and Turkiye, mutual trade and investment relations also need to increase. A strong agricultural country like Turkiye also includes agricultural products in its exports to the UK. In the United Kingdom, where around 400 thousand Turkish citizens live, the demand for products from Turkiye is high.”
Free Trade Agreement removed uncertainties
“By the Free Trade Agreement (FTA) signed between the two countries at the end of 2020, mutual trade increased by 20.2% in 2021 compared to the previous year. This figure was seen as a good sign of how resilient the trade between the UK and Turkiye was after the pandemic. Turkiye is one of the UK’s key trading partners. It is among the top 20 exporting countries. It is very important for companies to have access to exports from Turkiye to the UK and from the UK to Turkiye without customs duty, as FTAs remove the uncertainty about what will happen after the Customs Union. There are huge opportunities in trade relations between the two countries,” he said.
UK is among the “Target Countries” for the Turkish Ministry of Commerce
Royal Innovative Founder Boris Volfman said, “When we look at the last 10 years of Turkiye’s exports to the UK, there has been a significant upward trend since 2014.” When the trade with the UK in recent years is analyzed, it is observed that there is a foreign trade surplus in favor of Turkiye. As of the end of 2022, there is a surplus of 7.1 billion dollars in Turkiye’s foreign trade with the UK. In addition, the UK is among the ‘Target Countries’ determined by the Ministry of Commerce of the Republic of Turkey for the period 2022-2023.
UK imports vegetables and fruits from many countries of the world
Stating that commercial steps based on agricultural exports to the UK can turn into high profits with patience and proper planning, Boris Volfman said, “As Royal Innovative, we guide those who want to enter this market and show them the way to quickly climb the steps in the export market. First of all, the meaning of the UK market and competition is very important. They need to choose the right distribution channels and invest in marketing. Building strong relationships with potential customers and partners in the UK is also an important step towards success – which is where we support. It should not be forgotten how important it is to comply with laws and regulations when exporting to the UK.”
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