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The European Union (EU) and Turkey have a longstanding economic relationship that dates back to the 1960s. In 1995, a Customs Union was established between the two, which enabled Turkey to gradually integrate into the EU`s single market. In recent years, both parties have been negotiating a comprehensive free trade agreement (FTA) that would further deepen their economic ties.
The EU-Turkey FTA aims to eliminate tariffs and other trade barriers on goods, services, and investment between the two partners. The negotiations have been ongoing since 2016, but progress has been slow due to various political and economic challenges. The issues that have been the most contentious include the protection of intellectual property rights, the opening of public procurement markets, and the settlement of disputes.
If successfully negotiated, the EU-Turkey FTA could bring significant benefits to both partners. Turkey would gain greater access to the EU market, which is the world`s largest single market. This could boost Turkish exports and attract more foreign investment into the country. The FTA would also enhance economic cooperation between the EU and Turkey, which would have positive spill-over effects on other areas such as security and migration.
For the EU, the FTA would strengthen its trade relationship with Turkey, which is a strategically important country. Turkey`s location at the crossroads of Europe, Asia, and the Middle East makes it a gateway to several important markets. Additionally, the EU is Turkey`s largest trading partner, which means that an FTA would further deepen this economic relationship.
However, the negotiations have faced several challenges, including political and economic disagreements between the parties. Turkey`s recent economic slowdown, combined with the COVID-19 pandemic, has also complicated the negotiations. Moreover, the EU has expressed concerns about Turkey`s human rights record, which has strained their relationship.
Despite these challenges, both parties have reiterated their commitment to the negotiations and have been making progress in recent months. In December 2020, the EU and Turkey held their first meeting of the FTA Joint Consultative Committee, which reviewed the progress made so far and identified areas for further work.
In conclusion, the EU-Turkey FTA is a crucial development in their economic relationship. Although negotiations have been slow and faced challenges, there is optimism that the FTA will be concluded soon. Once implemented, it could bring significant benefits to both parties, not just in terms of trade but also in terms of wider economic and strategic cooperation. As such, it is a development worth watching for policymakers and businesses alike.
