The EU-Turkey Customs Union Agreement Text: What It Is and What It Means

The EU-Turkey Customs Union Agreement is a trade agreement between the European Union and Turkey that was signed in 1995. The agreement established a customs union between the two parties, which means that they have a common customs tariff for goods imported from third countries.

The agreement has been a significant milestone in the relationship between the EU and Turkey, as it has helped to increase trade between the two parties. Since its implementation, trade between the EU and Turkey has more than tripled, reaching over €100 billion in 2019.

Recently, there has been much talk about the agreement and its potential renewal. The agreement is set to expire in 2025, and discussions have been ongoing to update its terms. One of the main issues is the inclusion of services, which were not covered by the original agreement.

So, what does the agreement text say? The text of the agreement is quite extensive, covering a range of topics related to trade between the EU and Turkey. Some of the key provisions include:

– The establishment of a customs union between the two parties, with a common tariff for goods imported from third countries

– The elimination of customs duties on goods traded between the EU and Turkey

– The harmonization of trade rules and regulations, including technical standards, intellectual property rights, and competition policy

– The provision of mutual access to each other`s markets for goods and services

However, there are also some limitations to the agreement. For example, agricultural products are not fully covered under the agreement, and Turkey has limited access to the EU`s services market.

The renewal of the agreement is crucial for both parties. Turkey is a key trading partner for the EU, particularly in the automotive and textiles industries. At the same time, the EU is Turkey`s largest export market, accounting for over 40% of its total exports.

A new agreement could address some of the limitations of the current one and strengthen the trade relationship between the EU and Turkey. However, negotiations are likely to be challenging, particularly given the current political climate.

In conclusion, the EU-Turkey Customs Union Agreement is an essential trade agreement between the EU and Turkey. Its renewal is crucial for both parties, and negotiations are ongoing to update its terms. While the agreement text covers a range of topics related to trade between the two parties, there are some limitations that need to be addressed in any renewal.