The European-Turkish Trade and Investment Council (ETTIC) hosted its annual New Year’s reception Friday at the Shangri-La Hotel in Istanbul, drawing diplomats and executives with key investments in Türkiye.

The deputy foreign minister and director of EU affairs, Mehmet Kemal Bozay, attended as the guest of honor. In his remarks, Bozay emphasized the importance of modernizing the customs union between Türkiye and the European Union to enhance economic ties.

The current customs union, signed in 1995 and enacted on the last day of that year, allows for tariff-free trade in industrial goods and processed agricultural products. However, it does not cover services, agriculture or regulatory harmonization.

Türkiye has been seeking to update the agreement to include these areas, but negotiations have been slow.

During the event, Bozay held discussions with chamber presidents and business leaders from Türkiye and Europe, assessing the year ahead and outlining strategies for trade and investment in light of evolving political and economic conditions.

ETTIC Secretary-General Veronique van Haaften opened the well-attended reception, followed by remarks from ETTIC President Markus C. Slevogt.

Slevogt underscored the need for sustainable economic relations between Türkiye and the EU.

ETTIC, a nonprofit organization established by European bilateral chambers of commerce in Türkiye, aims to deepen trade and investment ties between the EU and Türkiye.