The U.K. signed a free trade agreement with Turkey, maintaining the two countries' existing trading arrangement in preparation for the end of Britain's transition period following its exit from the European Union.

The deal signed Dec. 29 is the latest in a series of agreements that the U.K. has reached with other trading partners to roll over existing terms once the Brexit transition ends Dec. 31. It also comes on the heels of the U.K.'s post-Brexit trade deal with the EU, which is in a customs union with Turkey.

The agreement with Turkey covers trade worth £18.6 billion in 2019 and keeps preferential terms for some British exports, such as machinery and steel. Tariffs on U.K. imports of washing machines and televisions will remain at 0%.

The two countries intend to work on a "more ambitious" trade pact in the future, according to U.K. International Trade Secretary Liz Truss.