Devrim Cubukcu
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.
It would not hurt Europe if Britain was allowed to remain in the European Union customs union and internal market beyond an agreed transitional arrangement, Luxembourg Foreign Minister Jean Asselborn said."What can be extended with no major problem is the Jan. 1, 2020 date for the transition period. If a year is added to that it won't hurt Europe, I hope not Britain as well," Asselborn told German broadcaster Deutschlandfunk on Wednesday.German daily Frankfurter Allgemeine Zeitung had reported late on Tuesday that the European Commission had offered to extend the transition period beyond the end of 2020. Under growing EU pressure, May meets her ministers on BrexitGermany well-prepared for all Brexit scenariosPM May to be given floor on Brexit before EU leaders dinner on Wednesday
Longer Brexit transition period would not hurt Europe
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.