EU-Türkiye business leaders urge customs union modernization at Istanbul meeting
Senior business leaders and officials from the European Union and Türkiye convened in Istanbul, emphasizing the urgent need to deepen economic cooperation and modernize the longstanding Customs Union agreement. The meeting highlighted Türkiye’s strategic role for European competitiveness and supply chain resilience, with calls for pragmatic engagement to bolster bilateral trade and investment.
Top business executives and diplomats from the European Union and Türkiye gathered in Istanbul this week, issuing a united call for significantly deeper economic integration. The meeting of the European-Turkish Trade and Investment Council (ETTIC) served as a platform to advocate for pragmatic steps to strengthen the commercial partnership between Ankara and the bloc, emphasizing mutual benefits in an era of shifting global supply chains.
A Strategic Priority for Both Sides
Addressing the assembly, Turkish Deputy Foreign Minister and Director for EU Affairs, Ambassador Mehmet Kemal Bozay, reaffirmed that enhancing relations with the EU remains a top strategic priority for Türkiye. "Türkiye and the EU are deeply interconnected economically," Bozay stated, stressing that this relationship must evolve to meet new global realities. His talks with chamber presidents and CEOs focused on expanding bilateral trade and investment flows in the coming year.
The Push to Modernize the Customs Union
A central and recurring theme of the discussions was the urgent need to overhaul the EU-Türkiye Customs Union. Established in 1996, the agreement currently covers industrial goods but excludes key modern sectors like services and digital trade. Business representatives from both sides argued that the framework is outdated and does not reflect contemporary economic conditions. Modernizing the pact, they contended, is essential to reduce trade barriers, expand market access, and reinvigorate the economic relationship. Despite broad consensus in the business community, political negotiations on updating the agreement have been stalled for years.
Türkiye as a Hub for European Competitiveness
Private sector leaders highlighted Türkiye's unique value proposition for European businesses. Cenk Ulu, General Manager of PwC Türkiye, described the country as a strategically located economy with the potential to bolster Europe’s competitiveness during a period of global economic transition. ETTIC President Markus C. Slevogt echoed the sentiment, calling stronger economic ties a "win-win" and labeling the EU and Türkiye as strategically aligned partners. The council plans to continue its work as a dialogue bridge between the two business communities.
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