: 2016-12-22 Modified date : 2019-03-25
The European Commission intends to make a formal proposal to the European Council in order to begin talks aiming to update the Customs Union Deal with Turkey that was signed in 1995, which will positively affect the mutual trade relations in important sectors such as the sectors of agriculture, services, and industry.
The ratification of modernizing the deal requires the approval of both the European Parliament and Council on the new formula resulting from the talks of
The update will enable all
In addition, thanks to the Customs Union update, companies in the EU will be also able to invest in Turkey and export goods to the EU market as well as third parties. In this regard, the trade volume between
It is worth mentioning that Turkey is the EU's 5th largest economic partner with a
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