Gelisim News

Head of the Istanbul Gelisim University International Trade and Finace Department Asst. Prof. Dr. Yahya Can Dura made some explanations on the Free Trade Agreement signed between Turkey and UK. Dura said: “The agreement explains how the relations between two countries will be shaped after Brexit, also provides opportunity for potential export products.”
 
“FOREIGN TRADE VOLUME WILL RESULT AT 17 BILLION DOLLARS”
 
Stating that the foreign trade volume between the two countries exceeded $ 16.9 billion according to the end of 2019 data, Dura said: “As of October 2020, this amount was above $ 13.5 billion, and we can guess that by the end of the year, the foreign trade volume between the two countries could result at $ 17 billion.”
 
“WE IMPORTED A TOTAL OF 5.6 BILLION DOLLARS OF IMPORT”
 
Reminding that 6.7 per cent of total export of Turkey is made to Uk Dr. Dura said: “At the end of 2019, we exported a total of 11.3 billion dollars to the UK. As of October 2020, while Turkey's total imports of about 2.6% was made from the UK. At the end of 2019, we imported 5.6 billion dollars in total.” 
 
Dr. Dura continued as follows:
 
“Our main products exported to the UK are vehicles carrying highly radioactive materials, ground and underwater cables for telegraph and telephone lines, diesel / semi-diesel new motor caravans, teleprojectors, trousers and professional clothing; The main products we import are fragmented wastes and scraps, diesel engines for passenger cars, goods transport and special vehicles, caravans with diesel / semi-diesel engines, other medicines, human load and other special purpose vehicles.”
 
“THE STRATEGIES WE DETERMINE MATTER”
 
Emphasizing that UK is Turkey's second largest exporting countries after Germany Dr. Dura, “In this respect, the steps taken to improve commercial relations with the UK and to increase foreign trade volume are very valuable. After Brexit, we can see that Britain, which is trying to reshape its commercial relations with the international community and made different trade agreements within this scope, signed a trade agreement with the EU with our country, which is a member of the Customs Union, as a major step in developing relations and increasing the trade volume. At this point, it would be correct to shape our strategies for the products in our current trade with the UK and the trade agreements we will make at this point, especially on the basis of potential industrial products.”
 
“THERE ARE LOT OF POTENTIAL PRODUCTS”
 
Noting that there are a lot of product potential to export to UK Dr. Dura said: “We can state these in a very brief and in order of importance as follows: Automotive main and sub-industry, medicines prepared for use in the pharmaceutical industry / treatment or protection, furniture / other furniture and their parts and parts, gold jewelery, monitors and projectors, television receiver devices. , Insulated wires, cables and other electrical conductors, fiber optic cables, medical instruments and devices, ready-made clothing, construction materials, white goods, cleaning agents, iron steel, home textiles, paper and cardboard products.”
 
“IT WILL HAVE POSITIVE EFFECTS”
 
Abdülkadir Gayretli, Chairman of IGU Board of Trustees, emphasized that The Free Trade Agreement signed with the UK carries great opportunities for Turkey and said: “Potential export products to be brought to the agenda with this agreement can be subject to our foreign trade with the UK. Considering the large trade volume at this point, with such kind of agreements to be made with UK it is possible to express clearly that in terms of Turkey’s foreign trade and current account balances, will have positive impacts.”