Eu Turkey Trade Agreement

Eu Turkey Trade Agreement

The European Union (EU) and Turkey have had a long-standing trade relationship that dates back to the 1960s. However, in recent years, tensions have risen, and negotiations for a new trade agreement have been on the table for some time.

On December 12, 2020, the EU and Turkey reached a provisional agreement on a new trade deal, which aims to modernize and expand their existing trade relationship. This agreement was made possible after years of negotiations and will provide a much-needed boost to both economies.

The new agreement will reduce trade barriers, including tariffs, between the two parties. This will create numerous opportunities for businesses on both sides to expand their markets and increase their profits.

One of the key features of this agreement is its focus on sustainable development. Both the EU and Turkey are committed to ensuring that their trade relationship is environmentally friendly and socially responsible. This includes ensuring that workers` rights are respected and that environmental standards are met.

Another significant aspect of this agreement is its emphasis on digital trade. As the world becomes increasingly digital, it is essential that trade agreements reflect this shift. The new EU-Turkey trade agreement includes provisions that allow for free and secure data flows, as well as increased protection of intellectual property rights.

It is important to note that this agreement is only provisional at this stage. It still needs to be ratified by both the EU and Turkey before it becomes legally binding. However, the fact that an agreement has been reached is a positive sign that both parties are committed to strengthening their relationship and boosting their economies.

In conclusion, the new EU-Turkey trade agreement is a promising development for both parties. By reducing trade barriers, promoting sustainable development, and focusing on digital trade, this agreement will create new opportunities for businesses and boost economic growth. With ratification pending, the EU and Turkey must work together to ensure that this agreement becomes a reality and delivers the benefits it promises.