Updating Turkiye-EU Customs Union 'a necessity': Trade Minister Bolat

"We cannot manage the trade of 2025 with rules established 30 years ago," he said.

Turkiye has become a production hub near Europe with its qualified workforce, dynamic production capabilities and advanced financial system, successfully integrating into global supply chains, he noted.

Bolat was addressing the Turkiye-EU High-Level Trade Dialogue meeting in Ankara along with Maros Sefcovic, the EU commissioner for trade and economic security.

"In terms of the security and resilience of global supply chains, Turkiye is a strategic partner for Europe. Our geostrategic position and production capabilities offer vital support in reducing the EU's dependency on foreign sources for critical products," Bolat was quoted as saying by domestic media reports.

"Despite all these advantages, the current structure of the Turkiye-EU Customs Union does not fully align with today's trade dynamics, and both sides agree on this point," he noted.

"Updating the customs union within the framework of digitalisation, trade in services, sustainable development and next-generation trade policies presents a key opportunity for advancing our relations," the minister added.

The EU is Turkiye's key trading partner and is the only non-EU country that has a Customs Union deal with the bloc.

Fibre2Fashion News Desk (DS)