World Bulletin / News Desk
Turkey and the EU will begin negotiations to expand the customs union between the two trade partners next January, Turkey’s EU minister announced Wednesday.
"The Customs Union Agreement, which was signed 20 years ago between Turkey and the EU, does not include agriculture, the service sector and public procurement," Volkan Bozkir told a press conference in Istanbul.
He added: "We have been holding negotiations with the [European] Commission for 15 months for a new structure that includes those sectors. We decided to update the agreement."
Turkey wants to expand the union to boost trade with the EU to $300 billion, Bozkir said.
The customs union, which came into force in December 1995, imposes a common external tariff for all industrial and processed agricultural goods. The following year, the European Commission proposed “extending and deepening” the union and negotiations were started.
Bozkir stressed the importance of the talks and of visa liberalization that would allow Turks to visit EU countries without a visa.
He added that Economy Minister Nihat Zeybekci and EU Trade Commissioner Cecilia Malmstrom would meet next week to sign an agreement on the renewal of talks.
Turkey has been a candidate country to join the EU since 1999. According to the European Commission website, the EU is Turkey's number one import and export partner while Turkey ranks seventh and fifth in the EU's top import and export markets, respectively.
Ryanair said it has agreed to pay the sum for a majority 75-percent holding in Vienna-based LaudaMotion from the former Formula One motor racing champion.
The tech-rich Nasdaq Composite Index dropped 1.8 percent to close at 7,344.24.
CPI’s 12-month rate in February fell from 3 percent, official data reveals
Cement exports have gone up 6.9 percent to reach around 8 million tons, year-on-year, in 2017
BIST 100 rises 0.51 pct; USD/TRY exchange rate drops and EUR/TRY exchange rate stays
Of the major indices, Facebook weighed most heavily on the tech-rich Nasdaq Composite Index, which was down 0.9 percent to 7,411.34 about 20 minutes into trading.
Company to release new commercial and defense products, head of company says
EA19's exports and imports rise 9.1 percent and 6.3 percent, respectively, year-on-year in January
Micro Focus warned in a statement that year-on-year revenues had fallen by more than anticipated since January, sending its shares slumping 55.88 percent to 831.40 pence.
Economy minister: Ankara 'absolutely' against Russia's limit on number of companies importing Turkish tomatoes
Turkey's assets abroad climb 2.1 pct at end of January 2018, compared with end-2017, according to Turkish Central Bank
BIST 100 opens 0.04 pct lower, Turkish lira loses value against foreign currencies
Listed shares in BIST 100 rise 0.01 percent; US dollar/Turkish lira rate climbs over 3.90; EUR/TRY stands at 4.80
Turkey bridges Muslim world and West, according to General Council for Islamic Banks and Financial Institutions
Britain intends to seek free trade deals with its major trading partners once it leaves the EU, as planned, in March 2019.
Net profits at the group rose 33.1 percent to hit 2.36 billion euros ($2.92 billion), higher than the 2.28 billion predicted by analysts.