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    The Unique Nature of Modernizing the Customs Union

    Eralp, Nilgün Arısan | September 2018
    Abstract
    Facilitated by the current Customs Union, the economies of Turkey and the EU have become quite integrated. Turkey was the EU’s fifth largest trading partner in 2017,3 while the EU is Turkey’s largest. The EU remains Turkey’s most important economic partner in terms of trade, foreign investment, and tourism. The fragility of the economic situation in Turkey—namely a declining growth rate, a large and structural current account deficit, heavy reliance on short-term capital inflows, declining foreign direct investment, and a private sector with large foreign currency liabilities—makes the EU indispensable for Turkey. On the other hand, clearly, an essential part of Turkey’s appeal for the EU is its economic potential. According to a recent survey by the European Council on Foreign Relations (ECFR), economic relations are the most important aspect of Turkey-EU relations and trade provides an important reason for maintaining the alliance. Finally, the European Commission expressed its support for the modernization of the Customs Union since the inception of the idea.
    Citation
    Eralp, Nilgün Arısan. 2018. The Unique Nature of Modernizing the Customs Union. © Economic Policy Research Foundation of Turkey. http://hdl.handle.net/11540/8969.
    Keywords
    Free Trade
    Trade Facilitation
    Trade
    Economic integration
    Regional Economic Integration
    Intraregional Trade
    Macroeconomic
    Macroeconomic Analysis
    Macroeconomic Framework
    Macroeconomic Models
    Macroeconomic Performance
    Macroeconomic Planning
    Macroeconomic Policies
    Macroeconomic Reform
    Macroeconomic Stabilization
    Economic planning
    Economic structure
    Growth policy
    Trade relations
    Trade policy
    Trade policy
    Economic development
    Economies in transition
    International economy
    Border integration
    Economic integration
    Gross domestic product
    Trade policy
    Trade Regulations
    Exchange Rate
    Regional economics
    Economic forecasting
    Economic development projects
    Success in business
    Business
    Free trade
    Business
    Economics
    Communication in economic development
    Restraint of trade
    International economic integration
    Trade blocs
    East-West
    Show allCollapse
    Citable URI
    http://hdl.handle.net/11540/8969
    Metadata
    Show full item record
    Thumbnail
    1538904376-1.The_Unique_Nature_Of_Modernizing_The_Customs_Union.pdf (151.1Kb)
    Author
    Eralp, Nilgün Arısan
    Theme
    Trade
    Economics
    Labor Migration
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise