Description: Turkish Trade Minister, Omer Bolat announced the expansion of the free trade agreement (FTA) between Turkey and the UK. He mentioned that previously agreed terms between the two countries were requiring expansion due to volatility in the global markets. Bolat mentioned that he met the UK Secretary of Business and Trade, John Reynolds, as they discussed the potential expansion of the agreement towards a more comprehensive framework which would be beneficial for both countries. The representatives also agreed to schedule the Joint Economic and Trade Committee (JETCO) for later this year in London where the conclusion of the discussions regarding the expansion would be formulated.
Impact: The UK has initialized an enlarged campaign of trade negotiations having concluded the much-needed bilateral trade agreement with India, expecting hardened negotiations with the US regarding the tariff imposition. Turkey has also significantly expanded their strategic alliance portfolio in recent months as they concluded key partnerships in Asia with Kyrgyzstan and Pakistan as well as European countries such as Italy. A larger number of countries have started to adopt unilateral approaches towards their foreign policies abandoning bloc alliances and conceptualizing strategic agreements on an individual basis. The trend, caused by the upending of transatlantic relations between Europe and the US is expected to continue as the global geopolitical landscape continues to diversify.