Gokhan Ergocun
09 March 2026•Update: 09 March 2026
ISTANBUL
The inclusion of the Customs Union within the EU’s Industrial Acceleration Act ensures the security of mutual trade and European investments in Türkiye, the Turkish Trade Minister Omer Bolat stated on Monday.
Speaking at an event titled "Customs Union in its 30th Year and Türkiye-European Union Relations" organized by the Economic Development Foundation, Bolat expressed satisfaction with the draft accepted by the EU Commission on March 4.
He emphasized that Türkiye remains an indispensable part of the European industry and supply chain, noting that the country now ranks as the 16th largest economy in the world with a national income of $1.6 trillion.
The minister highlighted that the "Made in Europe" initiative became a primary concern in early December, leading to a period of intense trade diplomacy and stress regarding potential steel quotas and scrap export restrictions.
Bolat stressed that the most critical turning point in these negotiations was the comprehensive letters sent by President Recep Tayyip Erdogan to EU leaders in mid-December to voice deep concerns and expectations for a positive outcome.
Bolat noted that during the 30-year period of the Customs Union, the EU became the largest trading partner for Türkiye, while Türkiye evolved into a vital partner for the bloc.
He pointed out that total bilateral trade volume surged from $26.6 billion in 1995 to $233 billion in 2025, representing a ninefold increase that reflects the deepening economic integration between the two sides.
According to the minister, Türkiye conducts 43% of its total exports to the EU, while 32% of its imports originate from the union, with exports rising from $11 billion to $117 billion over three decades.
Bolat added that the relationship extends far beyond mere trade, as 70% of the $287 billion in direct international investment that entered Türkiye between 2003 and 2025 came from firms based in the European Union.
