YASED attends the "EU-Turkey High-Level Economic Dialogue Meeting"


YASED attends the “EU-Turkey High-Level Economic Dialogue Meeting”

On December 8, The International Investors Association attended the “EU-Turkey High-Level Economic Dialogue Meeting” held in Brussels.

The meeting, co-chaired by Turkish Deputy Prime Minister Mehmet Şimşek and the European Commission Vice-President for Jobs, Growth, Investment and Competitiveness Jyrki Katainen, was attended by Minister of Customs and Trade Bülent Tüfenkci, Minister of Economy Nihat Zeybekci, the European Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici, and European Commissioner for Trade Cecilia Malmström. YASED was represented by Vice Chairman of the Board Steven Young and Secretary General Özlem Özyiğit.

During the business dialogue session of the meeting, representatives from Turkish and EU  business organizations and private sector corporations, ministers, commissioners, and financial institutions based in Europe exchanged ideas on enhancing the economic cooperation and communication between the two sides, as well as the overall business climate.

During the inter-ministry official economic dialogue sessions, points of discussion centered around the economic climate in the EU and Turkey, macroeconomic policies and structural reforms.

Katainen spoke as follows about the meeting: “Today, I emphasized the importance of continued supremacy of law, which will also benefit investments and economic growth; our discussion had a friendly and sincere tone. We desire for our economic and financial ties with Turkey to continue.”

Deputy Prime Minister Şimşek, pointed to the importance of the supremacy of democracy and law and the role thereof for the peace and security of both the citizens of Turkey, as well as the region as a whole. Şimşek indicated that this dialogue platform does not constitute an alternative to full EU membership, and said: “Turkey continues to strive for full EU membership and believes that this route will best serve the interests of both sides. We are looking forward to the speedy and effective modernization of Customs Union.”

Young: Turkey is an economy with attractive opportunities



YASED Vice Chairman of the Board Steven Young, who communicated to EU and Turkish representatives the perspective of international companies operating in Turkey about EU stated that Turkey’s full membership into EU as well as the modernization of Customs Union will benefit both sides.

Emphasizing Turkey’s role as a strategic partner to the EU on trade relationships, foreign policy, war on terrorism, immigration, regional stability and overall development, Young said: “Turkey is a peerless strategic partner for the EU. Therefore, the advancement of mutual relationships towards Turkey’s EU membership will benefit both sides. Over the short term, we believe that a speedy beneficial step will be the modernization of the Customs Union Agreement, in line with the present needs of both sides.”

Young drew attention to the fact that the Customs Union Agreement, which structures bilateral trade between Turkey and the EU, covers only the trade of goods, and excludes the trade in services, public procurement and agricultural products. Referring to the impact analysis conducted by the EU Commission, Young pointed out that the potential in economy and trade was underutilized. Young stated that the present version of the Customs Union Agreement fails to meet the needs imposed by global economic dynamics; he pointed out that the expected benefits from the modernization of Customs Union, as per the impact analysis, will be realized by the EU and Turkey at 65% and 35% respectively.

Stating that YASED supports Turkey’s goal of full EU membership, Young called on the Turkish and European leaders present at the meeting to speed up bilateral relations with a cooperative spirit and an urgent start to discussions on the modernization of the Customs Union Agreement.




With contributions of Vodafone