What the post-Brexit UK will do with Turkey and Vietnam
The agreement with Turkey brings the number of agreements signed in preparation for the UK's exit from the EU single market to 62
The new year marks the end of London's ten-year relationship with the European Union for Great Britain. But to prevent business from being affected, the British are signing free trade agreements with various countries around the world. The latest are Turkey, which was also the first agreement after the signing of Brexit with the EU, and Vietnam.
THE AGREEMENT WITH TURKEY
The continuity agreement, signed in recent days by both trade ministers via videoconference, entered into force on January 1, as reported by The Guardian , and will ensure that the flow of goods is not slowed down upon detachment from the Union European.
GREAT BRITAIN SECOND EXPORT MARKET FOR TURKEY
Trade between London and Ankara posted a turnover of £ 18.6 billion in 2019, confirming itself as the second largest export market for Turkey, mainly for precious metals, vehicles, textiles and electrical equipment.
Turkish trade minister Ruhsar Pekcan called the deal a milestone in UK-Turkish relations. "Without a deal, around 75% of Turkish exports to the UK would have been subject to duties, resulting in the loss of around 2.4 billion euros."
WHAT THE AGREEMENT PROVIDES FOR
According to the Department of International Trade, the new agreement will ensure a customs fast track for 7,600 UK companies exporting machinery, iron and steel to Turkey and protect automotive and manufacturing supply chains.
The agreement also commits both countries to discussions aimed at expanding the scope of the agreement to include services and agriculture within the next two years.
THE AGREEMENT WITH VIETNAM
Britain has also signed a free trade agreement with Vietnam. The agreement, which will replace the UK's current EU-Vietnam Free Trade Agreement (EVFTA), will come into effect on December 31, according to Reuters .
HOW MUCH IS THE BUSINESS TOUR WITH VIETNAM
Trade between Vietnam and Britain has increased an average of 12% annually over the past decade, reaching $ 6.6 billion last year. This is why the agreement will help increase Vietnamese exports of clothing, footwear, rice, seafood and wooden furniture.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/mondo/che-cosa-fara-il-regno-unito-post-brexit-con-turchia-e-vietnam/ on Fri, 01 Jan 2021 16:29:54 +0000.