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Wednesday, September 27, 2023

Remainers skewered as UK announces plan to open new trade negotiations with Turkey

NewsRemainers skewered as UK announces plan to open new trade negotiations with Turkey

The UK has announced its intention to pursue a new trade deal with Turkey, just days after Kemi Badenoch triumphantly signed Britain up to the massive CPTPP trade agreement.

Ms Badenoch will open free trade negotiations with the Europe-Asian border country from 2024, after both the UK and Turkey announced on Tuesday there is scope to improve the current treaty.

The UK rolled over the EU-Turkey trade deal when leaving, but both teams believe areas like trade in services can be improved.

Kemi Badenoch said: “Turkey is an important trading partner for the UK and this deal is the latest example of how we are using our status as an independent trading nation post-Brexit to negotiate deals that are tailored to the UK’s economic strengths.

“I look forward to using the deal to deepen the UK-Turkey trading relationship, drive economic growth and support businesses up and down the country.”

It’s reported the UK negotiators’ objectives are still to be determined but they will likely focus on expanding access to Turkey by the UK service sector.

According to the most recent Government figures, Britain’s trade with Turkey was worth £23.5billion in 2022, but the UK suffered a trade deficit of £6.5billion.

The news will continue a winning streak for Kemi Badenoch, who jetted out to New Zealand this weekend to sign Britain up as the newest member of the CPTPP trade pact, an agreement comprising £12trillion worth of GDP and members such as Canada, New Zealand, Chile, Mexico, Singapore, Japan and Malaysia.

Ms Badenoch joked she was jet lagged but was “so proud and excited” about the new deal.

“It’s been five years since the idea to join the CPTPP first started and now we have signed the agreement.

“It’s the fastest growing region – the Asian Pacific – it’s going to be responsible for at least 50 per cent of global growth we’re expecting between now and 2035, and countries have been queueing up to join this trading bloc.

“We’ve got their first, we’ve got a seat at the table and for the UK it’s a momentous thing.”

Since leave the EU, the UK has rolled over 68 trade deals already enjoyed while in the Single Market.

Brand new deals with Japan, Australia and New Zealand have also been agreed.

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