The Labour Party Annual Conference 2023
Centre for Turkey Studies fringe: Unlocking Economic Synergy: Advancing UK-Turkey Trade Relations for Mutual Growth and Prosperity?
🗓 Date: Sunday, 8 October 2023
⏳ Time: 10:00
📍Location: SME4Labour POD (Meeting Room 22), ACC Liverpool, Kings Dock Street, Liverpool, England, L3 4FP
SME4Labour and Centre for Turkey Studies fringe: Unlocking Economic Synergy: Advancing UK-Turkey Trade Relations for Mutual Growth and Prosperity? with Naomi Smith, Best for Britain and Abdul Hai, Vice Chair of SME4Labour. This panel discussion was chaired by Cllr Tarik Khan, SME4Labour.
Abdul Hai addressed three vital dimensions of the UK-Turkey relationship. Firstly, he emphasized the substantial bilateral trade, which currently amounts to around £23.8 billion. Turkey stands as the UK’s fourth-largest trading partner, though there’s a trade deficit. The UK exports services while importing goods, creating room for growth post-Brexit by exporting services to Turkey. Secondly, Hai pointed out the significance of investment and defence cooperation. As the UK seeks to diversify its priorities after Brexit, he highlighted a notable example: a £680 million loan guarantee for Turkey to develop a high-speed electric railway. This signifies potential opportunities for the UK. Thirdly, considering national security, Hai noted that Turkey hosts the world’s largest refugee population and actively combats illegal migration. This aligns with UK interests, especially amid current geopolitical challenges, such as Russia’s actions in Ukraine. Strengthening the UK-Turkey relationship and seizing the opportunity to agree on a free trade deal are critical components of the way forward.
Naomi Smith highlighted the EU as a historic peace project, built on the premise that economic ties prevent conflicts, making her personally saddened by the UK’s exit. She debunked the notion that Brexit saved British businesses and pointed out the challenges SMEs face due to increased red tape and trade friction. Drawing attention to the Euro Mediterranean convention (PEM), she explained how the EU creatively and flexibly integrates different arrangements with various countries, emphasizing the benefits for Turkey. Smith recommended that Britain seek a similar arrangement with the EU to reduce administrative burdens on businesses and alleviate cost pressures for consumers, as proposed in the UK Trade and Business Commission report. While acknowledging the UK’s continued influence on global issues, she stressed the importance of a seat at the table within larger blocs for greater leverage in trade negotiations. In conclusion, she emphasized the potential for trade to be a force for good and expressed hope for productive free trade agreement negotiations with Turkey.
In summary, Abdul Hai highlighted three crucial aspects of the UK-Turkey relationship: significant bilateral trade, investment and defence cooperation, and shared national security interests. The UK’s trade deficit with Turkey creates post-Brexit opportunities for service exports. Additionally, the £680 million loan guarantee for a high-speed railway project signifies potential gains for the UK. Naomi Smith, while regretting the UK’s EU exit, emphasized the importance of reducing administrative burdens through flexible trade arrangements, as seen in the Euro Mediterranean convention. She stressed the significance of a seat at the table within larger blocs for trade leverage and expressed hope for productive free trade agreement negotiations with Turkey.
