Carmakers cheer as United Kingdom and Turkey strike £18bn trade deal

Carmakers cheer as United Kingdom and Turkey strike £18bn trade deal

But the end to Britain's membership in the EU's vast single market and customs union will still bring inconvenience and new expenses for both individuals and businesses - from the need for tourists to have travel insurance to the millions of new customs declarations that firms will have to fill out.

'As Europe's leading commercial vehicle brand, Ford's Dagenham engine manufacturing facility in East London exports much of its diesel engine production to our Ford Otosan joint venture in Turkey where the engines are fitted into Ford Transit vehicles, many of which are then exported from Turkey to the UK.

The trade ministers of the two countries signed the agreement in a televised videoconference call.

EU ambassadors and politicians on both sides of the English Channel will now pore over the "EU-UK Trade and Cooperation Agreement", which contains over 1,246 pages of text.

The deal was signed during a video call on Tuesday between global trade secretary Liz Truss and Turkey's trade minister Rushar Pekcan.

It is one of many post-Brexit trade deals the British government is pursuing with nations around the world and came days after it finalised a trade agreement with the EU.

The Mediterranean nation is also a major supplier of electrical goods to the United Kingdom, and the agreement means imports of washing machines and televisions will remain at zero tariffs, rather than the respective 2pc and 14pc that would have been levied under World Trade Organisation terms. Britain is Turkey's second-largest export market.

The UK's investments in Turkey are around $11.6 billion, Pekcan said. The agreement covers trade in goods, but leaves the U.K.'s huge financial services sector in limbo, still uncertain how easily it can do business with the bloc after January 1.

British trade minister Liz Truss has said that she was hopeful a bespoke deal between the countries could be struck soon.

"Apart from this, it will also make a great contribution to the consumers to buy decent products at decent prices in agricultural products".

"Traders believe that economic recovery is going to be turbo charged next year and the worst is behind us".

Vital UK-Turkey supply chains will also be protected for automotive manufacturers, such as American company Ford, which employs 7,500 people in the UK, it noted.

The agreement lays the groundwork for a more ambitious UK Turkey trade relationship in the future.

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