Bloomberg/Simon Dawson

Economy

Turkey expects around $3 billion in trade losses with Britain under no-deal Brexit

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British lawmakers, who seized control of the parliamentary timetable to avert a no-deal outcome this week, are expected to introduce a bill seeking to stop Britain from leaving the European Union on 31 October 2019 without transitional arrangements.

Thursday 05, September 2019 BY KUDAKWASHE MUZORIWA

The Turkish Trade Minister said that Turkey may lose trade with Britain worth up to $3 billion in the event of a no-deal Brexit, adding that many Turkish companies lacked information on the consequences of such a scenario.

Ruhsar Pekcan, the Turkish Trade Minister, said that the losses would stem from Britain hiking import tariffs after Brexit in sectors including steel, automotive and textiles.

The trade ministry expects that automotive will be affected by a trade loss worth up to $1.2 billion, textile with $1.3 billion while electronic and white goods by $500 million.

The Turkish Trade Ministry said that trade losses in the event of a no-deal Brexit are unavoidable, even though both the British side and Turkey wants to sign a free trade deal, its impossible due to Turkey’s international commitments with the EU, reported Reuters.

TAGS : no-deal Brexit, Prime Minister Boris Johnson

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