UK wants to double $37bn annual trade with Turkey

The UK plans to double its trade volume with Turkey from £28 billion ($37 billion) annually, minister of state for trade Chris Bryant has said.

The two countries have strong defence sectors, Bryant told the state-run Anadolu news agency, and are working to deepen cooperation in services, as well as education, design and advertising.

In January, Turkey and the UK signed an action plan to help achieve bilateral commerce of $40 billion as talks to conclude an upgraded free trade agreement (FTA) continue.

The UK-Turkey FTA entered into force in 2021. Trade between the two countries rose by $1.8 billion in 2024 to $24 billion.

In December Chris Gaunt, chair of the British Chamber of Commerce, said an upgraded FTA between Turkey and the UK is likely to come into force in the second half of 2026.

Turkey’s exports hit a record high of $396 billion in 2025, driven by the automotive and defence sectors, President Recep Tayyip Erdoğan said.

UK investors led Turkey’s €2 billion eurobond issuance in February.

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