'Türkiye key to EU’s strength in Trump’s 2nd term'

ANKARA

Türkiye will bolster Europe’s position against various threats, particularly with the update of the Customs Union during U.S. President-elect Donald Trump’s second term, as Europe’s strategic environment is expected to face challenges, says Markus Slevogt, president of the European Turkish Trade and Investment Council (ETTIC).

Speaking to state-run Anadolu Agency, Slevogt said the council will engage with European Union member states and representatives to advance the Customs Union update between Türkiye and the EU while improving communication regarding business, trade and investments.

Highlighting the significant trade relationship, he noted that over $231.4 billion in annual bilateral trade occurs between Türkiye and the EU, with European businesses investing more than $210.4 billion in Türkiye between 2002 and 2023.

Slevogt pointed out that the existing Customs Union draft, created in 1996, no longer addresses modern needs. It excludes critical areas such as e-commerce, services, agriculture, and public procurement, necessitating an update to align with 21st-century requirements.

He said the European Commission's new five-year term presents opportunities for progress.

Slevogt added that the ETTIC will embrace a fresh approach with the new term, focusing on advancing the Customs Union update between Türkiye and the EU.

He underscored that Trump’s policy agenda could strain trade relations, compelling Europe to explore new opportunities in energy and rethink its business model. In this context, Türkiye’s strategic location, industrial capacity, and connectivity to European markets position it as a pivotal player.

Slevogt said that updating the Customs Union will significantly benefit Europe in addressing threats.

Europe's freedom depends on 'economic strength': EU chief

Meanwhile, EU chief Ursula von der Leyen said yesterday her new top team will prioritize work to boost the bloc's competitiveness as Europe's freedom and security depend on its "economic strength."

"Our freedom and sovereignty depend more than ever on our economic strength. Our security depends on our ability to compete, innovate, and produce," von der Leyen told the European Parliament ahead of a vote to confirm the members of her second European Commission.

Addressing parliamentarians in Strasbourg, von der Leyen said her team was ready to get to work immediately on rising to the bloc's mounting challenges.

Appealing for a massive defense spending boost, she said, "We have no time to waste. And we must be as ambitious as the threats are serious."

From Russia's invasion of Ukraine to war in the Middle East, the mounting economic threat from China, and the imminent return of Trump to the White House, the EU has its hands full.

The top roles in the new commission speak of the priorities for the next five years.

Estonia's former Prime Minister Kaja Kallas is to take over the reins as the bloc's top diplomat, while Lithuania's Andrius Kubilius landed a new role overseeing the EU's push to rearm.

The new team should formally start its mandate on Dec. 1, after several of the main groups in parliament reach a deal to back it.