Updating Customs Union deal with EU vital for Turkey: Minister Zeybekci

Modernizing the existing Customs Union with its largest market, the European Union, is of great importance to Turkey, Economy Minister Nihat Zeybekci has said, two days ahead of his visit to Brussels to discuss the issue with his European counterparts. 

"Turkey is at a key turning point right now in terms of its economic and trade ties. We have free-trade agreements with 23 countries and we will clinch five more deals by the end of this year. We have also been in talks to make more FTAs. The most important goal for us right now is to modernize our Customs Union deal with the EU," Zeybekci said at an iftar fast-breaking meal dinner late on June 20. 

At the event hosted by the Foreign Economic Relations Board (DEİK) in Istanbul, he noted that the EU still takes the lion's share in Turkey's trade. 

"We made some 49 percent of our exports to the EU market. We received nearly 40 percent of our imports from the EU, which takes an almost 45 percent share in our foreign trade. We sell nearly 79 percent of our automotive output and 60 percent of textile outputs to this market, despite several disadvantages of the existing customs union deal," Zeybekci said. 

'Win-win' for both sides

The economy minister said both sides agreed to update the deal and stressed that Turkey could "boost the EU's growth." 

"A delegation headed by me will be in Brussels this Friday to talk about the recent situation in our talks on the road to modernizing our deal. We aim to take key official steps in this regard over this year. The process is underway on the other side as well. The European Commission has asked for authorization unanimously to modernize the deal and to further extend the bilateral trade relations to areas...