Turkish Tax News
Diyadin YAKUT
22 November 2016Diyadin YAKUT

‘New generation’ Trade Agreement with EU on the horizon

Upon the question regarding the ongoing negotiations between USA and European Union with respect to Transatlantic Trade and Investment Partnership (TTIP) and its possible ramifications for Turkey; Deputy Prime Minister Mehmet Şimşek contended that the ultimate finalization of the aforementioned treaty might be delayed due to European Elections slated for the next year. On the other hand, by pointing out that they have already launched the procedures to further Customs Union and ultimately ink a ‘new generation trade agreement’, Şimşek declared that the negotiations between Turkey and EU in this regard will start by 2017.

Şimşek continued his remarks by underscoring the fact that once the prospective trade agreement is finalized, Turkey will have a novel trade framework with EU within which not only industrial products, but also public procurement, services and agricultural products will be included and thus Turkey would automatically be an integral part of the prospective trade agreement between EU and USA.

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