EU and Türkiye to discuss renewal of customs union – Kommersant
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The European Union (EU) and Turkey will discuss the renewal of the customs union to “restore the confidence of European partners and investors”, reports Bloomberg. European Commissioner for Economics Paolo Gentiloni told the agency that the parties needed to resolve a number of “difficult issues”.
The customs union agreement with the EU provides for a single external tariff for all manufactured goods. It does not apply to services, public procurement, or agriculture, with the exception of processed agricultural products.
Mr. Gentiloni met with Turkish Finance Minister Mehmet Simsek twice in the past two weeks and said he was interested to hear “the minister’s positive statements about both the government’s economic plans and Turkey’s relations with the EU.” “We will discuss this with our teams after the summer and see if it is possible to use these new signals from Turkey,” he said.
Bloomberg writes that senior European officials welcomed Turkey’s efforts to restore relations with the EU. The association believes that this country “attracts foreign investors to help strengthen its weakening economy and end the crisis, partly caused by rising inflation.”
“I have always thought and continue to think that the modernization of the customs union is something that is achievable in principle,” EU Budget Commissioner Johannes Hahn told the agency. He added that the resumption of relations with Turkey is also important for security reasons.
In July, Turkish President Recep Tayyip Erdogan visited the Persian Gulf countries – the UAE, Qatar and Saudi Arabia. Calling among the priorities the restoration of the economy, which suffered due to the outflow of investments, Mr. Erdogan made one of the bets on the Gulf monarchies. Ankara expects to achieve investments in the Turkish economy in the amount of more than $50 billion.
Details – in the material “Kommersant” “Türkiye has swung at fifty billion”.
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