Royal Innovative’s Agricultural Triumph: FTA Update Promises Booming UK-Turkey Trade

Royal Innovative’s Agricultural Triumph: FTA Update Promises Booming UK-Turkey Trade

Royal Innovative celebrates a remarkable 55% boost in UK-targeted agricultural exports and envisions a prosperous future with the anticipated Free Trade Agreement (FTA) update.

As the global economic landscape continues to evolve, Royal Innovative emerges as a beacon of success in fostering robust agricultural trade ties between Türkiye and the UK. The company proudly reports an impressive 55% surge in business volume for agricultural exports to the UK during the first 10 months of 2023, signifying not only a substantial growth milestone but also a testament to Royal Innovative’s pivotal role in shaping the trade narrative.

In the intricate web of Türkiye’s total exports, the United Kingdom holds a significant position, ranking 3rd as of October. Boris Volfman, the forward-thinking Founder of Royal Innovative, emphasizes the ongoing efforts to enhance the Free Trade Agreement (FTA) that came into effect on January 1, 2021, post-Brexit.

“Among Türkiye’s total exports to the UK, which approached 10 billion dollars in the first 10 months of 2023, agriculture is slightly above 1 billion dollars,” reveals Volfman. “During this period, agricultural exports from Türkiye to the UK increased by nearly 5%. Acting as a bridge between Turkish agriculture and the UK, our business volume in the country soared by 55% in the first 10 months. With the possible update of the agreement, we anticipate significant growth in agricultural exports by the end of 2024.”

Volfman highlights the historical significance of the current FTA, being the first signed post-Brexit with different countries. He notes, “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.”

The FTA update holds promise for an enriched trade relationship, especially in the agricultural sector. Volfman foresees, “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.”

“Türkiye is a candidate to be the UK’s largest agricultural partner,” declares Volfman, emphasizing the climatic and geographical advantages Türkiye holds. This strategic vision aligns with Türkiye’s broader export target of 302.2 billion dollars by the end of 2026, as outlined in the Medium Term Program by the Presidency of Strategy and Budget.

Royal Innovative positions itself as a key stakeholder in Türkiye’s agricultural sector, committed to elevating the share of agriculture in targeted exports. Volfman affirms, “We will be at the service of Turkish producers seeking new markets and UK citizens for their agricultural product needs, from locating farmers to quality control, from product selection to price negotiation, from packaging to logistics.”

Underlining the diversity of Türkiye’s agricultural exports, Volfman showcases the vital role played by Royal Innovative. “Fresh fruits and vegetables, including tomatoes, grapefruits, peaches, plums, pomegranates, avocados, carrots, oranges, persimmons, and sweet peppers, are exported to the UK throughout the year.”

Royal Innovative’s success story is not just a business triumph but a testament to its commitment to fostering strong Türkiye-UK trade relations. The prospect of an updated FTA adds optimism to this narrative, positioning Türkiye as a pivotal player in shaping the future of agricultural trade with the UK. This comprehensive version provides a detailed overview of Royal Innovative’s achievements, the strategic importance of the current FTA, and the promising trajectory for the future, offering valuable insights for publication.

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