First round of UK-Turkey FTA negotiations to start end-July: trade ministries

The first round of negotiations for an upgraded free trade agreement between Turkey and the UK is planned to start at the end of July, according to both countries' trade ministries May 7, following a meeting held in London.

UK Business and Trade Secretary Jonathan Reynolds and Trade Policy and Economic Security Minister Douglas Alexander met with their Turkish counterparts, Minister of Trade Omer Bolat and Deputy Minister of Trade Mustafa Tuzcu, to discuss trade relations between the countries.

The ministers affirmed the importance and strength of the UK-Turkey trading bilateral relationship, committed to continuing to pursue closer cooperation and increased trade and investment, and underlined the importance of defending free trade.

They also confirmed their intention for the first round of upgraded FTA negotiations to take place by the end of July.

The ministers concluded the meeting by signing an upgraded technical barriers to trade chapter, in the form of an amendment to the 2020 UK-Turkey FTA. The chapter closely aligned UK-Turkey TBT provisions with those found in the UK-EU trade and cooperation agreement, reducing costs and making it easier for businesses to trade, the UK Trade Ministry said.

Bolat said the signed agreement aims to carry out bilateral trade in a faster, transparent and secure manner by eliminating technical barriers in strategic sectors that constituted $7.4 billion and 33% of the total trade between the two countries.

No information was provided on how the agreement would contribute to the steel or other metal trade.

The UK is a major destination for Turkey's steel pipe exports, while also being one of Turkey's top ferrous scrap suppliers, taking 2.21 million mt in 2024, up 73% year over year.

Platts, part of S&P Global Commodity Insights, assessed Turkish imports of premium heavy melting scrap 1/2 (80:20) at $338/mt CFR on May 7, stable day over day.