The move would significantly simplify payments between Turkish companies and European partners, Gultepe said.
Turkiye Exporters Assembly chief Mustafa Gultepe recently said upgrading the nearly three-decade-old Customs Union (EUCU), joining the ‘Made in EU’ framework, and securing participation in the Single Euro Payments Area would significantly strengthen the country’s economic integration with the EU.
EU trade pacts with third countries should not lead to any disadvantage for Turkiye due to the EUCU, he noted.
Turkish exporter groups continue lobbying regarding the country’s inclusion in the ‘Made in EU’ initiative, while the Ministry of Trade is also working on the issue, Gultepe was cited as saying by domestic media outlets.
EU trade agreements with third countries should not lead to any kind of disadvantage for Turkiye due to the EUCU, which needs a genuine revision, he noted.
The 1990s-era trade agreement, which only covers a limited range of industrial products now, would be expanded to services, farm goods and public procurement.
Business groups say the EUCU is outdated and ill-suited for today’s trade environment.
Despite Turkiye and the bloc enjoying sound trade ties for decades, ties have been strained over multiple issues, including the prolonged process of expansion of the scope of the customs union agreement and maritime issues with Greece and the Greek Cypriot administration.
The EU accounts for around 45-50 per cent of Turkiye’s exports, with the share exceeding 65 per cent in a few sectors.
Turkiye’s proximity to Europe, logistics advantages, manufacturing capacity and flexible production structure are key strengths, Gultepe added.
Fibre2Fashion News Desk (DS)
