Turkey, especially in the last 30 years, with development and reforms has paved its way to the EU, which facilitates a stronger and enduring economy. During this period structural changes in capital markets have been developed, a key to an open market.
Turkey is applying European Union common standarts in industry. There are studies to integrate Turkish industrial products to European Union open Market to avoid technical barriers, and each year the revisions are made towards this goal.
Turkey, as long as it is maintaining a stable economy which is one of the main economical criterias of Copenhagen agrements, strengthens the bearing capacity to compete all over the World, including in the EU.
Turkish companies, as evolving in time, especially in textile and food sectors, iron steel and automotive, can compete with the main global players in terms of quality and efficiency.
The trade volume with EU countries was 341,2 billion $ last year. 142,6 billion $ of it were exports from Turkey to the EU.
The milestones in EU – Turkey Relations are:
1987 Turkey applied for full membership.
1993 ‘Custom Union’ negotiations started between EU and Turkey.
1996 ‘Custom Union’ come into force on 1st January.
2001 At the Copenhagen Summit, in September, the European Council received a decision to increase financial support through the “Pre-Accession Financial Assistance Instrument” system.
2004 European Commission decided to start membership negoatiations with Turkey.
2005 Turkey’s accession negotiations with the EU started on 3 October.
Turkey becomes 8th fastest economy in the World, assuming its growing potential.
2016 Turkey, with the export of 66,6 billion $ and an import of 78,01 billion $ became the 5th biggest trade partner of EU.
Last but not least, the big potential of its raw materials, natural sources and its geographical situation, makes for the European countries a benefit to find providers in Turkey, considering also the low labour cost (compared with Europe) and highly qualified workers and proffesionals.