UK, Turkey to sign free trade deal this week

"We now look forward to working with Turkey towards an ambitious tailor-made UK-Turkey trade agreement in the near future," British trade minister Liz Truss said in a statement.

The new UK-Turkey deal, which will extend trading arrangements, is set to be signed on Tuesday. It will be the first such agreement with Turkey since British premier Boris Johnson secured a new trade agreement with the EU.

According to reports, the UK has signed trade agreements with over 60 countries ahead of the end of the Brexit transition period on January 1.

Last week, Turkey's foreign ministry welcomed the "last-minute" deal reached between the UK and the EU, and said it was in the talks with the UK for a deal of its own.

"We believe that this deal will provide Turkey with new opportunities in terms of its relations both with the EU and the UK," the ministry said. "In this context, preparations for signing a Free Trade Agreement between the UK and Turkey have also reached a final stage."

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The UK and EU reached a post-Brexit trade agreement on Christmas Eve, only a week before the end of the transition period.

Last year, the trade turnover between Turkey and the UK reportedly totalled over $25 billion.

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