LONDON--Turkey and Great Britain have signed a new financial and trade agreement, it was announced simultaneously in both capitals tonight, which is expected to break Germany's economic grip on Turkey and result in the British Empire becoming Turkey's leading customer and provider.

The new agreement is considered here as the British Government's first real effort to challenge German economic domination of the Balkins.

Heretofore Turkey has conducted approximately 54 percent of her total foreign trade with Germany and less than 10 percent with the United Kingdom.