Türkiye, UK Strengthen Economic Ties with JETCO Protocol and Trade Collaboration MOU

​​Türkiye and the United Kingdom inked a protocol for the Joint Economic and Trade Committee (JETCO) and a Memorandum of Understanding (MoU) aimed at fostering collaboration with third countries.

Trade Minister Ömer Bolat and the UK's Secretary of State for Business and Trade Kemi Badenoch addressed the enhancement of their strategic partnership and cooperation during a JETCO meeting held in collaboration with DEİK and MÜSİAD in Istanbul.

Reflecting on the meeting outcomes, Minister Bolat stated, "We discussed the opportunities to improve our free trade agreement, collaborative possibilities in customs, and opportunities for cooperation, particularly in the field of contracting in third countries."

In 2023, the bilateral trade volume between Türkiye and the UK reached nearly USD 19 billion, positioning the UK as the fourth largest destination for Turkish exports, totaling USD 12.4 billion.

Key exports from Türkiye to the UK include gold, textiles, and ready-made clothing products, electrical and non-electrical machinery, motor vehicles and their parts, iron and steel products, insulated wires, cables, and other electrical conductors.
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Türkiye; United Kingdom; exports; MoU