Daily Management Review

EU and Turkey to discuss renewal of Customs Union


In order to "restore the confidence of European partners and investors," the European Union (EU) and Turkey will talk about upgrading the customs union, according to Bloomberg.

Paolo Gentiloni, the European Commission's commissioner for the economy, told the agency that the parties needed to work out a number of "complex issues."

Mehmet Şimşek, Turkey's finance minister, met with Mr. Gentiloni twice in the last two weeks. Mr. Gentiloni expressed interest in hearing the minister's "positive statements on both the government's economic plans and Turkey's relations with the EU." After the summer, "we will talk about this with our teams and see if we can take advantage of these new signals from Turkey," he added.

According to Bloomberg, senior European officials praised Turkey's efforts to mend fences with the EU. The organization thinks the nation is "attracting foreign investors to help bolster its weakening economy and end a crisis partly caused by rising inflation."

EU Budget Commissioner Johannes Hahn commented "I have always thought and continue to think that modernizing the customs union is something that is achievable in principle." Reestablishing ties with Turkey was crucial for security reasons, he added.

source: bloomberg.com