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Britain, Turkey reach post Brexit free trade agreement

Britain, Turkey reach post-Brexit free trade agreement

Britain, Turkey reach post-Brexit free trade agreement
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By AP Dec 29, 2020 8:35:42 PM IST (Published)

The U.K. left the EU on Jan. 31 of this year but remained subject to the bloc's business regulations and within its customs union during a transition period that ends on Dec. 31.

Turkey and Britain signed a free-trade agreement Tuesday as the U.K. prepares to leave the European Union's economic orbit at the start of the new year.

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The deal, which will come into effect on Jan. 1, aims to support trade between the two countries which was worth more than $25 billion in 2019. It is one of many post-Brexit trade deals the British government is pursuing with nations around the world and came days after it finalized a trade agreement with the EU.
The U.K. left the EU on Jan. 31 of this year but remained subject to the bloc's business regulations and within its customs union during a transition period that ends on Dec. 31.
Turkish Trade Minister Ruhsar Pekcan and Dominick Chilcott, the British ambassador to Turkey, signed the British-Turkish agreement.
Pekcan hailed the deal as the most significant trade pact for Turkey since the signing of a customs union agreement with the EU in 1995.
The free trade agreement is a new and special milestone in the relationship between Turkey and the United Kingdom, Pekcan said during the ceremony. Britain is Turkey's second-largest export market.
A British government statement said the deal will secure existing preferential tariffs for some 7,600 British businesses that exported goods to Turkey in 2019, ensuring the continued tariff-free flow of goods.
Both countries have said the deal will lead to a more comprehensive agreement in the future.
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