Transatlantic Trade and Investment Partnership

The Transatlantic Trade and Investment Partnership, or TTIP, is a major trade agreement currently being negotiated between the European Union (EU) and the United States to create a new transatlantic marketplace.

Turkey is concerned about the TTIP agreement, as it has no say in the ongoing negotiations, but has to abide by the terms and conditions of the agreement and open its markets due to its Customs Union agreements with the EU.

For all of these reasons WECTAC closely follow the TTIP negotiations and works. With our TTIP program and projects our wish is to provide information sessions on the on-going negotiation process but also to create a platform of discussion for a right balance between these 3 big markets that are interrelated. We believe that working that all stakeholders will be beneficial for a more global growing market.

WECTAC closely works and will have information sessions regarding the ongoing negotiations.

  • 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 for Turkey, which began in 2005. However, 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.
  • Turkey is the 17th largest economy in the world and the 6th largest economy in Europe, according to the World Bank statistics from 2013.
  • The EU is Turkey`s largest trade partner. In 2013, 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 (FDI) that flows into Turkey. In 2013, 51.8 percent of FDI flows came from EU countries.
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