Turkey's Participation in Global Trade Agreements and its Impact: Turkey's Trade Agreements with EU Countries

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

Turkey's Participation in Global Trade Agreements and its Impact: Turkey's Trade Agreements with EU Countries

Turkey, a country strategically located at the crossroads of Europe and Asia, has been actively involved in various global trade agreements to enhance its economic growth and strengthen its position in the international market. One significant aspect of Turkey's trade agreements is its partnership with European Union (EU) countries, which has played a crucial role in shaping its trade policies and fostering economic cooperation.

Turkey's journey towards deeper integration with the EU began in the 1960s when it signed the Ankara Agreement, establishing a customs union with the European Economic Community. This agreement paved the way for closer economic ties between Turkey and the EU member states, providing Turkish businesses with access to the EU market and promoting foreign investment in Turkey.

Over the years, Turkey has further solidified its trade relations with the EU through various agreements, including the European Free Trade Association (EFTA) and the Euro-Mediterranean Partnership. These agreements have facilitated trade liberalization, harmonization of regulations, and the removal of trade barriers, benefiting both Turkish and EU businesses.

Participating in trade agreements with EU countries has had a significant impact on Turkey's economy. The EU is Turkey's largest trading partner, with a substantial portion of Turkey's exports destined for EU markets. By aligning its trade policies with EU standards and regulations, Turkey has enhanced its competitiveness and gained easier access to a vast consumer market.

Moreover, trade agreements with EU countries have attracted foreign direct investment (FDI) into Turkey, boosting economic growth and creating job opportunities. EU companies have shown interest in investing in Turkey due to its strategic location, qualified workforce, and market potential, leading to technology transfer, skills development, and overall economic development.

However, the relationship between Turkey and the EU has faced challenges in recent years, including political tensions, human rights issues, and stalled accession talks. These challenges have strained the trade partnership and hindered the progress of further integration between Turkey and the EU.

In conclusion, Turkey's participation in global trade agreements, particularly its trade agreements with EU countries, has been instrumental in shaping its economic policies, promoting trade relations, and facilitating economic growth. Despite challenges, ongoing dialogue and cooperation between Turkey and the EU are essential to overcoming obstacles and strengthening their partnership for mutual benefit in the global trade arena.