{"id":29627,"date":"2019-12-17T18:24:56","date_gmt":"2019-12-17T18:24:56","guid":{"rendered":"https:\/\/www.firdevstalkturkey.com\/?p=29627"},"modified":"2019-12-17T18:24:56","modified_gmt":"2019-12-17T18:24:56","slug":"brexit-and-turkey","status":"publish","type":"post","link":"https:\/\/www.firdevstalkturkey.com\/brexit-and-turkey\/","title":{"rendered":"Brexit and Turkey"},"content":{"rendered":"

\"\"<\/p>\n

Emboldened by a comprehensive majority, Prime Minister Boris Johnson is forging ahead with a radical overhaul of the country.<\/p>\n

Addressing his cabinet, Johnson said \u201cYou ain\u2019t seen nothing yet\u201d. We’d better believe him.<\/p>\n

By putting a no-deal Brexit again on the table, he gave a pretty good indication that his comfortable majority is not likely to soften his Brexit stance.<\/p>\n

His spokesman made it clear that they were ruling out an extension to the Brexit transition beyond the end of next year, by introducing a legal provision to make an extension illegal.<\/p>\n

So, the United Kingdom is leaving the single market and customs union, with or without an agreement and the businesses will have to prepare for the new reality.<\/p>\n

The pound\u2019s gains over Euro and Dollar after the Conservative victory on Friday did not last very long.<\/p>\n

The prospect of a hard Brexit caused the British currency to tumble down on Tuesday.<\/p>\n

The UK is leaving the EU on 31 January, with an extremely tight timescale of 11 months to complete complex negotiations over future relationships and trade.<\/p>\n

The EU finds the timetable \u201cunrealistic\u201d. Judging by the market reaction, businesses are not convinced, either.<\/p>\n

It is not only the UK and the EU companies that should start making contingency plans for a likely crash-out, but businesses in Turkey need to prepare, too.<\/p>\n

Britain leaving the EU without a deal will mean Turkey, a member of the customs union, would lose its open access to one of its biggest markets.<\/p>\n

Department for International Trade has been warning<\/a> UK exporters to Turkey about the changes if there is a no-deal Brexit.<\/p>\n

The guidance is that the UK will not agree arrangements with Turkey by exit day and existing trade agreements would no longer apply.<\/p>\n

Turkey and the UK has been talking about a possible deal after Brexit, but a bilateral trade deal can only be sealed after the EU and the UK complete their trade agreement. Despite the Johnson government\u2019s reassurances, this could take several years.<\/p>\n

In the meantime, customs duties have to be imposed and there will be delays both for Turkish and British goods.<\/p>\n

As the United Kingdom is one of the few countries with which Turkey has a trade surplus, the bigger loser would be Turkey.<\/p>\n

A hard Brexit would hit Turkey\u2019s automotive, electronics and textile industries the hardest.<\/p>\n

Beyond trade, Turkey may feel political ramifications of a changed dynamic within the EU.<\/p>\n

The UK was an important voice in the EU foreign policy making; often the most prominent supporter of Turkey\u2019s membership prospects.<\/p>\n

Talking to diplomatic sources in London, the most optimistic prospect seems to be about the future of Turkish-British cooperation in the defence industry.<\/p>\n

However, this kind of cooperation can easily be damaged if Turkey\u2019s relations with other NATO members, especially the United States continue to deteriorate.<\/p>\n

Turkey\u2019s warm congratulations to Boris Johnson and the enthusiasm for \u201ca more reinvigorated Turkey-UK relationship in all areas\u201d may prove to be too hasty, after all.<\/p>\n","protected":false},"excerpt":{"rendered":"

Emboldened by a comprehensive majority, Prime Minister Boris Johnson is forging ahead with a radical overhaul of the country. Addressing his cabinet, Johnson said \u201cYou ain\u2019t seen nothing yet\u201d. We’d better believe him. By putting a no-deal Brexit again on the table, he gave a pretty good indication that his comfortable majority is not likely […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[32,29,66],"_links":{"self":[{"href":"https:\/\/www.firdevstalkturkey.com\/wp-json\/wp\/v2\/posts\/29627"}],"collection":[{"href":"https:\/\/www.firdevstalkturkey.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.firdevstalkturkey.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.firdevstalkturkey.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.firdevstalkturkey.com\/wp-json\/wp\/v2\/comments?post=29627"}],"version-history":[{"count":1,"href":"https:\/\/www.firdevstalkturkey.com\/wp-json\/wp\/v2\/posts\/29627\/revisions"}],"predecessor-version":[{"id":29630,"href":"https:\/\/www.firdevstalkturkey.com\/wp-json\/wp\/v2\/posts\/29627\/revisions\/29630"}],"wp:attachment":[{"href":"https:\/\/www.firdevstalkturkey.com\/wp-json\/wp\/v2\/media?parent=29627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.firdevstalkturkey.com\/wp-json\/wp\/v2\/categories?post=29627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.firdevstalkturkey.com\/wp-json\/wp\/v2\/tags?post=29627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}