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Tuesday, April 16, 2024

Royal Innovative Forecasts Surge in UK-Turkey Agricultural Trade with FTA Update

 On behalf of the Royal Innovative, Boris Volfman, has reported a remarkable 55% surge in its business volume for UK-targeted agricultural product exports during the initial ten months of 2023. Royal Innovative, facilitating the export of Turkish agricultural goods to the UK, anticipates a substantial growth trajectory in agricultural trade between the two nations in the coming year.

As of October’s end, the United Kingdom solidified its position as the third-largest destination for Turkish exports, reflecting the robust economic ties between the two countries. Notably, the agricultural sector has emerged as a key player in this relationship, contributing over $1 billion to Türkiye’s total exports to the UK in the first ten months of 2023—a marked 5% increase during this period.

Boris Volfman, the Founder of Royal Innovative, emphasized the ongoing efforts to enhance the existing Free Trade Agreement (FTA) between the UK and Türkiye. The FTA, in effect since January 1, 2021, has been a catalyst for fostering economic collaboration. Volfman stated, “Among Türkiye’s total exports to the UK, which neared $10 billion in the first ten months of 2023, agriculture accounts for slightly over $1 billion. In tandem with this growth, our company has experienced a remarkable 55% increase in business volume in the UK during the same period.”

Looking ahead, Boris Volfman expressed optimism about the potential update of the FTA, foreseeing a momentous surge in agricultural exports between Türkiye and the UK by the close of 2024. The impending developments hold the promise of further strengthening the economic bonds and mutual benefits shared by these two nations.

Agricultural trade between the UK and Türkiye will grow”

Boris Volfman said that the current FTA between the two countries is important as it is the first of the free trade agreements signed with different countries after the UK’s exit from the European Union.

“With the joint statement published in July, a mutual declaration of intent was made to start update negotiations. The scope of trade between the two countries is expected to be updated and expanded. While new areas are being added to goods trade, it is anticipated that there will be additional regulations that will increase the volume, especially in agriculture.”  he added.

rkiye is a candidate to become the UK’s largest agricultural partner

Stating that the country’s export target for the end of 2026 is 302.2 billion dollars in the Medium Term Program prepared by the Presidency of Strategy and Budget, Boris Volfman said, “As one of the stakeholders of the agricultural sector in Türkiye, we have fulfilled our responsibility and will work to increase the share of agriculture in targeted exports. As always, we will be at the service of Turkish producers seeking new markets and UK citizens for their agricultural product needs, with our work to support the growth of agricultural exports, from locating farmers to quality control, from product selection to price negotiation, from packaging to logistics. “Türkiye is a candidate to be the UK’s largest agricultural partner, both in terms of its climate and geographical location.”

Pointing out that fresh fruits and vegetables have an important place in Türkiye’s agricultural exports and that the UK ranks 11th among the countries with the most exports in this field, Royal Innovative Founder Boris Volfman, concluded:

“We also mediate the delivery of agricultural products grown all over Türkiye to the UK. “Export products that vary depending on the season include, for example, tomatoes, grapefruits, peaches, plums, pomegranates, avocados, carrots, oranges, persimmons and sweet peppers in the winter.”

Sam Allcock
Sam Allcockhttps://businesslancashire.co.uk/
Sam Allcock is a highly regarded digital entrepreneur with over 20 years’ experience in online marketing for some of the World’s biggest brands. He has extensive knowledge and experience in SEO and digital marketing. He is based in Cheshire but has an interest in all things going on in the North West and enjoys contributing local news to the site.
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