ISTANBUL
Turkey wants to renew its customs union agreement with the European Union to boost Turkey's economy, Turkish EU Minister Mevlut Cavusoglu said on Wednesday.
Cavusoglu stated that Turkey has started to review the customs union agreement that came into force on 31 December, 1995. Turkey is the only non-EU country which has a Customs Union Agreement, which was a keystone to prospective EU membership for Turkey.
"As the EU negotiation process lingers, the negative impact on the economy grows. It is injustice for the Turkish economy," he said during an Economic Development Foundation function.
As a signatory of the agreement, Turkish officials argue that free trade agreements signed by the EU with other countries effectively open Turkey’s market to exports from them, but effectively block Turkey from the tax advantages associated with exporting goods to the same states, since Turkey is not a party to the deals.
European Commission Director General for Development Stefano Manservisi stated that the EU is undergoing a transformation, in becoming more democratic and strong and added that "Turkey will help us build a stronger house."
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