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Turkish textiles sector wary of possible no-deal Brexit
29 Jan '19
1 min read
Turkish textiles exports to the United Kingdom, worth $2 billion dollar a year, will reportedly suffer a severe hit if the latter leaves the European Union (EU) without a deal on March 29. The country needs a free trade agreement to prevent the risks of a possible no-deal Brexit, said Mustafa Gültepe, head of the Istanbul Textile and Apparel Exporters’ Union.
In the case of a no-deal Brexit, Turkish exporters will be faced with an additional 12 per cent customs tax in the United Kingdom, which is significant for the readymade garments sector, a recent report on a Turkish news site quoted Gültepe as saying.
The United Kingdom is Turkey’s second largest export destination, following Germany. While Turkey's exports to the United Kingdom were worth $9.6 billion in 2017, its imports from the country stood at $6.5 billion.
Turkey had signed a bilateral arrangement to join the EU’s customs union in 1995, which allows the country to trade manufactured goods without any tariffs or quotas. (DS)
In the case of a no-deal Brexit, Turkish exporters will be faced with an additional 12 per cent customs tax in the United Kingdom, which is significant for the readymade garments sector, a recent report on a Turkish news site quoted Gültepe as saying.
The United Kingdom is Turkey’s second largest export destination, following Germany. While Turkey's exports to the United Kingdom were worth $9.6 billion in 2017, its imports from the country stood at $6.5 billion.
Turkey had signed a bilateral arrangement to join the EU’s customs union in 1995, which allows the country to trade manufactured goods without any tariffs or quotas. (DS)
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