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A promise of mutualism: Modernization of Customs Union a propitious step for Turkey, EU

A promise of mutualism: Modernization of Customs Union a propitious step for Turkey, EU

The modernization of the Customs Union agreement between Turkey and the European Union has been on the agenda of the bilateral meetings for more than two years now. Though both sides have expressed the will to take steps to update the agreement, as it will be advantageous for both sides, no concrete development has so far been observed; yet, the efforts to maintain diplomatic dialogue continue with particular insistence on the benefits it will yield for both sides.

At the 5th Reform Action Group (RAG) meeting yesterday in the Turkish capital Ankara, Treasury and Finance Minister Berat Albayrak emphatically stated that one of the top economic items of agenda in Turkey-EU ties is the modernization of the Customs Union, for which both sides continue diplomatic dialogue at the highest level.

In a reference to the growing protectionist tendencies around the world, Albayrak highlighted Turkey’s policy of vouching for expanding economic cooperation. “Turkey will convey a vital message to the global system for the promotion of economic collaborations,” he said.

“The updating of the Customs Union will operate as leverage for economic development,” the minister said.