Turkey seeks observer status in EU-U.S. trade talks

The Transatlantic Trade and Investment Partnership, or TTIP is a major trade agreement currently being negotiated between the EU and the U.S to create a new transatlantic marketplace.

Turkey seeks observer status in EU-U.S. trade talks

World Bulletin/News Desk

Leading Turkish business group TUSIAD has demanded an observer status for Turkey in the ongoing EU-U.S. free trade talks on creating a new transatlantic marketplace.

“The EU candidate Turkey should be part of the new transatlantic marketplace. European business word is also supporting us on that,” Bahadir Kaleagasi, International Coordinator of Turkish Industry and Business Association, or TUSIAD told Anadolu Agency.

Kaleagasi said providing an observer status and opening the way for future participation to the agreement between the EU and the US would integrate Turkey into the transatlantic market.  

“EU is already regularly informing us on the ongoing negotiations with the US on the Transatlantic Trade and Investment Partnership. We would like to have this relationship to be defined as an observer status,” Kaleagasi said. 

“And we also seek to get a declaration of the parties acknowledging that the agreement will be open to participation of countries like Turkey, Norway and Switzerland, which have already been well integrated with the European economy,” he stressed.

The Transatlantic Trade and Investment Partnership, or TTIP is a major trade agreement currently being negotiated between the EU and the U.S to create a new transatlantic marketplace.

The EU candidate Turkey is concerned about the agreement, as it has no say on the ongoing negotiations but has to abide by the terms and conditions of the TTIP, as it has a Customs Union with the EU.

The EU and Turkey established the Customs Union in 1995 as it was seen as a keystone to a prospective EU membership.

However, Turkey’s EU accession negotiations entered into a stalemate in 2007 due to the Cyprus problem and opposition of German and French governments to full membership.

TUSIAD’s International Coordinator Bahadir Kaleagasi has underlined that EU and Turkey should revive the EU process to further develop economic and political ties, which he stressed is in the benefit of all.

“Turkey should promptly deepen its Customs Union with the EU in order to gain a strong place within the transatlantic economic area. Turkey’s EU membership process should be accelerated,” he stressed.

Kaleagasi underlined that BUSINESSEUROPE, a confederation of European private sector, is also supporting Turkey’s involvement in the Transatlantic Trade and Investment Partnership.

The EU is Turkey’s largest trade partner. In 2013, 41.5 percent of Turkey’s exports went to EU countries and 36.7 percent of imports came from the EU countries. The EU also remains the largest source of foreign direct investment flows into Turkey. In 2013, 51.8 percent of FDI flows came from the EU countries.

Turkey is the 17th largest economy in the world and the 6th largest economy in Europe,  according to the World Bank statistics.

 

Last Mod: 31 Ekim 2014, 16:21
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