'Turkey, UK should sign free trade agreement'

By Ali Atar

ISTANBUL

Turkey and the U.K. should sign a free trade agreement (FTA) to protect bilateral trade from the effects of Brexit, said a member of the executive board of the Business Council of the U.K. on Tuesday.

Speaking at the U.K.-Turkey Business Forum in Istanbul, Devrim Cubukcu said: "If countries do not sign an FTA, Turkey's exports will be stuck in the U.K.'s customs and bilateral trade will be affected badly."

This situation will break the supply chain in the EU and Turkey is an important component of automotive, retail trade and defense, he added.

Mehmet Tan, the EU general manager in Turkey's Trade Ministry, said the U.K. is an important destination for Turkish investments.

"Between the two countries, there is a cooperation in several areas such as automotive, textile, machinery, defense, aviation, and renewable energy," he said.

He added that trade between the two countries should be tax-free.

Emma Edhem, chairman of Turkish British Chamber of Commerce and Industry, said Turkey is saving its strong economic position.

"Despite Brexit, trade between the two countries will not be affected," she added.