Turkey, UK agree on enhancing economic, commercial ties

Turkish and British trade ministers signed MoU for the 6th Turkey-UK Joint Economic and Trade Commission (JETCO) in London on Wednesday.

The MoU aimed to enhance economic and commercial ties between the two countries.

Speaking at Turkey-UK business forum after signing ceremony, Turkish Trade Minister Ruhsar Pekcan said both countries expected to further develop cooperation post-Brexit.

"We plan to include services, agricultural products trade, e-trade, and public purchasing to make the agreement more comprehensive," Pekcan said.

She invited British firms to invest in high-technology free-trade zones in Turkey.

"We will provide special incentives to technology-based projects and companies which operate in IT, informatics and software sectors," Pekcan said.

Liam Fox, British secretary of state for international trade, highlighted the importance of Turkey's geopolitical position.

He stated that JETCO was a start of a richer relation between the two countries and added that it aimed to increase diversity in trade.

Underlying the bilateral trade volume target of $20 billion, Fox said the target was set realistically.

He noted that more than 200 prominent Turkish companies operated in the U.K.

Fox added that the number of British tourists visiting Turkey was expected to reach 3 million in 2018, up from 1.6 million last year.

He also noted that the U.K. supports Istanbul to become a financial center including cooperation with the City of London.