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EU eyes expanding trade ties with Turkey by modernizing customs union

Xinhua, December 22, 2016 Adjust font size:

The European Union (EU) is seeking to expand trade ties with Turkey by modernizing the existing 20-year-old EU-Turkey Customs Union, according to an EU statement issued Wednesday.

The European Commission, or the EU executive body, asked the Council of the EU for a mandate to launch talks with Turkey to modernize their existing customs union.

Modernizing the customs union to "reflect current EU-Turkey trade relations" would bring substantial economic benefits for both partners, the EU said.

With the evolution of the economic environment and the significant growth of EU-Turkey trade, the Customs Union that entered into force in 1996 is "becoming less and less equipped to deal with the modern day challenges of trade integration," the statement added.

Turkey is the EU's fifth largest partner in trade in goods.

The value of EU-Turkey bilateral trade in goods has increased more than fourfold since 1996 and currently amounts to 140 billion euros (146 billion U.S. dollars) annually.

For Turkey, the EU is the most important trading partner, representing 41 percent of Turkey's global trade. Moreover, two thirds of foreign direct investment in Turkey currently originates in the EU. Enditem