Top bosses urge continuation of trade deal update talks with EU

ISTANBUL

Top bosses have called for the continuation of the negotiations for a Customs Union deal update with the European Union due to political tensions, as this deal has brought about many positive developments in many fields rather than only in the area of trade in the last two decades.

Speaking at a global trade conference in Istanbul on Sept. 21, the head of the Turkish Business and Industry Association (TÜSİAD), underlined the importance of the maintenance of Turkey’s ties with the EU.

“In more than 20 years after going into effect, the Customs Union ensured key transformations in many sectors. The Turkish economy’s process of international expansion and its integration to the global economy have accelerated and a big step has been taken towards its EU membership during this process. Today, our negotiations are continuing for a more extensive and modern agreement, which includes not only goods but also services and agricultural products,” TÜSİAD Chair Erol Bilecik said.

He said a positive effect similar to the one of 20 years ago will be seen in the country’s economy and the process of the EU membership if the Customs Union deal is updated.

“Besides, it will function as leverage for the country to catch up with the new economic order triggered with by digitalization and the Industry 4.0 Revolution and for the Turkish economy to integrate with the 21st century international trade system and global value chains,” he said.

Therefore, the ongoing negotiations must not be left hanging or be brought to a halt because of political tensions, Bilecik noted.

He also emphasized that building good relations on a regional or global level will be very useful for the country’s economy.

“The customs applications are an important piece and a complement of international trade. In this process, discarding the paper work and taking steps towards digitalization will fasten trade and decrease the costs of external trade,” Bilecik said.

“We believe in the necessity of building a serious and an extensive external trade policy in order to bring Turkey to the forefront during a period when important changes are seen and even more is expected in the global economy and international trade,” he added.