Turkey's Participation in Global Trade Agreements and Impacts on Bilateral Trade Relations with Major EU Partners

Category : Turkey Participation in Global Trade Agreements and Impacts en | Sub Category : Bilateral Trade Relations with Major EU Partners Posted on 2023-07-07 21:24:53

Turkey's Participation in Global Trade Agreements and Impacts on Bilateral Trade Relations with Major EU Partners

Turkey holds a significant position in the global trade arena, as it actively participates in various trade agreements that shape its economic relations with major partners, especially within the European Union (EU). The country's involvement in these agreements has had both positive and negative impacts on its bilateral trade relations with key EU partners.

One of the most notable trade agreements that Turkey is a part of is the Customs Union with the EU, which was established in 1995. This agreement allows Turkey to have easier access to the EU's single market for industrial goods, while also aligning its trade policies with those of the EU. As a result, Turkey has benefited from increased trade volumes with EU countries, as well as enhanced economic cooperation and investment flows.

However, the Customs Union has not been without its challenges for Turkey. Some critics argue that the agreement has led to an imbalance in trade relations, with Turkey being more dependent on EU markets than vice versa. This dependence has been a point of contention, as Turkey has called for the modernization and expansion of the Customs Union to include services, agriculture, and public procurement.

In addition to the Customs Union, Turkey is also a part of the Euro-Mediterranean Partnership, which aims to promote economic integration and cooperation between the EU and its Mediterranean partners. This agreement has facilitated trade relations between Turkey and EU countries in sectors such as agriculture, textiles, and services, leading to increased market access and business opportunities.

Turkey's participation in global trade agreements has also impacted its bilateral trade relations with major EU partners such as Germany, France, and the United Kingdom. These countries are among Turkey's top trading partners, and the trade agreements that Turkey is a part of have helped strengthen economic ties and facilitate trade flows between them.

Overall, Turkey's involvement in global trade agreements has played a crucial role in shaping its economic relations with major EU partners. While there have been challenges along the way, the benefits of increased trade volumes, investment flows, and market access have outweighed the drawbacks. Moving forward, Turkey will continue to navigate the complex world of international trade agreements to further enhance its economic relations with its EU partners.