Republic of Turkey

Turkey is considered part of Europe under the Area Groupings of the Bureau of Economic Analysis (BEA) of United States, Department of Commerce.

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Turkey on the world map

The Transatlantic Trade and Investment Partnership, or TTIP, is a major trade agreement currently being negotiated between the EU and the U.S to create a new transatlantic marketplace, and Turkey is directly concerned we will be closely work and have information session on the ongoing negotiation with our members.

Turkey is concerned about the TTIP agreement, as it has no say on the ongoing negotiations but has to abide by the terms and conditions of it, and open its market, due to its customs union with the EU.

Turkey applied for EU membership in 1987 and the EU and Turkey established the Customs Union in 1995 as it was seen as a keystone to a prospective EU membership, which began in 2005. But Turkey’s EU accession negotiations entered into a stalemate in 2007 due to the Cyprus problem and opposition of the German and French governments to Turkey's full membership.

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Turkey is the 18th largest economy in the world and the 6th largest economy in Europe, according to World Bank statistics 2013! The EU is Turkey’s largest trade partner. In 2016, 41.5 percent of Turkey’s exports went to EU countries and 36.7 percent of imports came from EU countries. The EU also remains the largest source of foreign direct investment flows into Turkey. In 2013, 51.8 percent of FDI flows came from EU countries.