The Turkey-UK Free Trade Agreement in Terms of Economic Diplomacy

Introduction

Free Trade Agreements (FTAs) are one of the concepts associated with Preferential Trade Agreements (PTAs). PTAs emerged in the first globalization wave in the 19^th century. The German Customs Union (Zollverein), established by Prussia in 1833, which had the goal of a common tariff and trade policy, is an example of early economic integration.¹ The Cobden-Chevalier trade agreement, signed between Britain and France in 1860, is another example of a PTA.² The best known are the German monetary union, Latin monetary union, and Scandinavian monetary union.³ The post-war period in 1945 started the second globalization wave when significant developments in terms of economic integration took place.⁴ One of the most important of these is the European Economic Community (EEC) established by six European countries through the Treaty of Rome, in 1957.⁵ The third wave of globalization beginning in 1980 was the time when many developing countries liberalized their trade policy resulting in a further increase in the number of trade agreements.⁶