Turkey says it faces up to $3 bln in trade losses with Britain under no-deal Brexit

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

Pekcan, speaking at a Turkey-UK Business Forum in Istanbul, said the losses would stem from Britain hiking import tariffs after Brexit in sectors including steel, automotive and textiles. She said her ministry would begin touring the country to inform companies on the potential impact of a no-deal Brexit.

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

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