İTO President Avdagiç: The Customs Union Agreement Must Be Updated Urgently.

Critical Statement from İTO President

The President of the İstanbul Chamber of Commerce (İTO), Şekib Avdagiç, referred to the European Union (EU) as Turkey’s most important trade partner, emphasizing the need to update the Customs Union agreement.

EU's Free Trade Agreements

Avdagiç highlighted that the free trade agreements signed by the EU with MERCOSUR and India support the urgent update of Turkey’s Customs Union agreement with the EU. "The outcomes of these agreements will affect us," he stated.

Risks and Precautions

Avdagiç underscored that under the Customs Union agreement, Turkey is obligated to comply with the free trade agreements signed by the EU with third countries, while noting that Turkish exports are not subject to the same conditions: "It would be beneficial to quickly take measures to address the negative impacts and risks arising from the free trade agreements signed by the EU with third countries."

Suggestions for the Future

Avdagiç expressed his belief that the Ministry of Trade is handling the issue with sensitivity and will take the necessary actions. He also indicated that he thinks the existing Free Trade Agreements (FTA) with other countries should be renegotiated and revised in the current global context.