'Turkey should be part of the Transatlantic Trade and Investment Partnership'
by Daily Sabah
ISTANBULFeb 15, 2016 - 12:00 am GMT+3
by Daily Sabah
Feb 15, 2016 12:00 am
Istanbul Chamber of Commerce (ISO) Chairman Erdal Bahçıvan said it would cost Turkey $5 billion for each year it does not join the Transatlantic Trade and Investment Partnership (TTIP), which is currently being negotiated between the U.S. and the EU. Underlining that the scope of the customs union must be expanded in accordance with changing commercial circumstances, Bahçıvan said that all measures must be taken to avoid Turkey suffering losses in trade with third countries.
Bahçıvan said that Turkey has to sign every agreement that the EU signs due to the custom union and stressed that the expansion of the scope of the customs union in accordance with changing commercial conditions is highly important, especially while the TTIP gains momentum. Bozkır said that Turkey remaining outside of the TTIP would have heavy outcomes for Turkey, as it will lag behind during industrial and communication revolutions. He described three elements of the paradigm shift in Turkey-EU relations, specifying, "One is that the EU does not have an opportunity to overcome its current economic troubles without a significant market like Turkey." He said the two other elements are the failure to see the burden of illegal migration early enough and the failure to deal with terrorism.
Bozkır stressed that Turkey cannot accept the EU offloading onto Turkey all responsibility for resolving the refugee crisis and just providing money. According to Bozkır, negotiations to update customs union practices will start this year, creating potential for Turkey-EU trade volume to surge to as much as $300 billion annually, up from the current $150 billion annually.
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