Can Turkey and EU bridge differences over the Customs Union pact?
The Customs Union deal helped Turkey increase its exports but it now needs revision to make it compatible with new challenges.
The EU side is led by European Commission Vice President Jyrki Katainen, while Turkey is represented by Treasury and Finance Minister Berat Albayrak. The project is being financed under the Instrument for Pre-Accession Assistance, a fund that the EU uses to promote reforms in countries that might one day join the union. , the backbone of Turkey’s economic integration with its European neighbours. The CU agreement marked the culmination of a long wait for Turkey to be part of the single European market. It was meant to ensure the smooth flow of manufactured goods between Turkey and EU member states.
Since the early 2000s, when the effects of the CU started to trickle in, Turkey's global exports have jumped from $31 billion in 2001 to $168 billion last year.In recent years, the EU has signed Free Trade Agreements with other countries, including Japan, leaving Turkey in the cold. The EU has more than 30 active FTAs with various countries — all of which can send goods to Turkey without having to pay taxes.
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