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Turkey, EU to launch talks on updating Customs Union deal

12 June 2017 [14:25] - TODAY.AZ

By Azernews

By Kamila Aliyeva

Negotiations on updating the Customs Union agreement between Turkey and the European Union will start on June 13 in Brussels, Turkey’s Ministry of Customs and Trade told Trend on June 12.

Turkey is the only country linked by the Customs Union agreement with the EU, while not being its member.

“Renewal of the Customs Union agreement can promote the growth of trade turnover between Turkey and the EU,” the ministry said.

Ankara seeks revision of the terms of the Customs Union agreement with the EU, according to which Turkey should open its markets to third countries that will sign a free trade agreement with the EU.

At the same time, no tax exemptions will be applied to Turkish goods entering the markets of third countries, since Turkey is not a member of the EU.

The update of the Customs Union Agreement is expected to expand Turkey's network of FTAs and offer new market opportunities for exporters. Furthermore, the expansion of the scope of the agreement will allow industrial output to enter advantageous markets such as public procurement.

The Customs Union agreement between Turkey and the EU came into force December 31, 1995.

Turkey is EU's fourth largest export market and fifth largest provider of imports. The EU is by far Turkey's number one import and export partner.

The EU exports to Turkey are dominated by machinery and transport material, chemical products and manufactured goods. Turkey's exports to the EU are mostly machinery and transport equipment, followed by manufactured goods.


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