Economic and trade volume between Turkey and EU countries

 

 

The EU and Turkey’s economy is intertwined and the trade between them has more than quadrupled since the establishment of the customs union between the two sides 20 years ago, the head of the EU’s trade and policy delegation, Bartoz Berzewara, said.

Speaking at a conference on “From Europe to Turkey: Digital Transformation and Industry”, which was hosted by Turkey’s Gaziantep Chamber of Commerce, Barziwara added that Turkey has become the fifth largest trade partner of the European Union and an important destination For European investments, and this is achieved as a result of the continued increase in trade integration and production in cooperation with the EU countries.

He pointed out that the efforts of the European Union towards digital transformation will continue forward, and last year, witnessed a flow of Turkish investments to Europe and vice versa, indicating that the Turkish investments in Europe include the fields of automobile industry and textile industries.

He pointed out that European investments in Turkey are witnessing an important development because of the integration of production networks with European companies, which contributed to the creation of jobs in Turkey and an increase in the average pension. For his part,the head of Gaziantep Chamber of Commerce, Tonghay Yildirm, said that Turkey has great economic goals and important visions in the field of digital transformation to create a stronger economy and increase competitiveness and added value. Yildirm stressed that Turkey is taking steps to strengthen economic capabilities, And that digital transformation was necessary to strengthen the strength of the future economy.

The Turkish economy has once again demonstrated its cohesion and strength. It shows every time that it can be trusted. The Turkish market contains the components and signs of strength and merit, because the Turkish economy is a young but trustworthy economy and the position of the Turkish economy continues to rise globally because of the steps Which Turkey is doing for development and growth.

 

The Turkish economy enjoys EU confidence and trade has quadrupled with the conference “From Europe to Turkey: Digital Transformation and Industry” hosted by the Gaziantep State Chamber of Commerce in the south of Turkey, said the head of the European Trade and Policy Delegation, Bartoz Berzwara, The trade fair between the two countries has increased more than four times since the establishment of the customs union between the two sides 20 years ago. 

Economic and trade volume between Turkey and EU countries 1 Turkey, Europe Economy, Turkey

He added that Turkey has become the fifth most important trade partner of the european Union , and an important destination for European investment, and that it is achieved as a result of the continued increase in the commercial and productive integration, in cooperation with the European Union. He also noted that the EU’s efforts towards digital transformation will continue forward.

 

He pointed out that the Turkish investments in Europe covered the fields of the automotive industry and the textile industries, noting the European investments in Turkey, which witnessed an important development. Because of the integration of production networks with European companies, which also contributed to the creation of jobs in Turkey, and had a positive effect in increasing the average pensions.

 

On the other hand, the head of the Gaziantep Chamber of Commerce, Tungai Yildirm, said that Turkey is taking steps to enhance economic capabilities and the need for digital transformation in order to promote the development of the Turkish economy: “Turkey has great economic goals and we have important visions in the field of Digital transformation, with the aim of creating a more robust economy, increasing competitiveness and added value. “. 

a report on Turkey’s exports to European Union countries was released last Wednesday by Eurostat, according to the statement, export from Turkey to european Union amounted to 6 billion and 528.2 million euros, the equivalent of 7.377 billion dollars. Of these countries in the same month the import to Turkey reached, 5 billion and 650.6 million euros, equivalent to 6.385 billion dollars. Turkey’s trade surplus with the EU in February exceeded 877.6 million euros, or $ 991.6 million.

 

Information on Turkey’s economy:

Economic and trade volume between Turkey and EU countries 2 Turkey, Europe Economy, Turkey

According to previous figures, Turkey’s trade surplus with EU countries in the first two months of this year amounted to 2 billion and 684.4 million euros worth 3.033 billion dollars.

The total exports of EU countries to the world in February reached 156.3 billion euros (176.6 billion dollars), while imports amounted to 159 billion euros (179.67 billion dollars), the statement said.

 

The European Union’s foreign trade deficit during the month was 2.7 billion euros ($ 3.051 billion). The trade exchange between Turkey and the European Union is as follows: The Turkish economy and its recovery in the field of foreign trade, and the degree of confidence that Turkey has obtained through its successful investment achievements, which qualifies it to be an important investment center and habitat for new investments distinct. Turkey is preparing to overcome an important hurdle in the restructuring of the customs union agreement it signed 22 years ago with the European Union. Turkey is seeking to renew the agreement in a way that will include agriculture, food, public حurchases and free trade with Third World countries. Turkey also aims to eliminate the flaws stemming from EU trade agreements with third-party countries. During the meetings, many fields will be addressed, from agricultural products to used cars entering the country. Turkey’s position in exports will be strengthened through renovations.

 

If the agreement is reviewed on the basis of the requests submitted by Turkey, the possible implications include the following:

 

Canceling Customs Protection: Customs protection will be removed from agriculture and services sectors.

 

Ending restrictions in agriculture: Certain restrictions on exports to the European Union, particularly in agriculture, dairy products and industrial products, will be canceled.

 

Participation in public reverse auctioning: the possibility of Turkish companies in work in Europe and European companies to work in Turkey in the services sector.

 

Increased investments: The volume of investments of EU-based companies within Turkey will expand and import to the EU and third world countries.

 

Strengthening Turkey’s export position: Turkey’s export position will be strengthened and the ban on free circulation of Turkish products will be lifted.

 

No tax collection: Turkey will not receive taxes on agricultural products from foreign countries.

 

Participation in free trade agreements: Turkey will participate in all free trade agreements to be signed by the EU as a signatory to the Customs Union Agreement. Turkish products will be sold to third world countries without taxes.\

 

The english model: Formation of a model similar to the united kingdom relations with the European Union after leaving the Union.

 

The risks of the pharmaceutical sector: It is proposed to protect the field of intellectual and industrial property rights by special laws. It is expected that the period of patent protection for original medicines will be extended and new amendments will be made to the locally produced medicines.

 

Used car sales: The second-hand car market is one of the most affected by the demand for the abolition of the customs tax on the European market for used products within Turkey.

 

#After the constitutional referendum, Erdogan hinted at a softening of relations with the European Union following tensions between the two sides after the referendum when Erdogan’s descripted Germany as Nazi  and the European Union as being a crusade alliance. Erdogan declared that Turkey has no intention of seceding from the Union.

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