Customs Union Modernization – Recent Developments
With major trade agreements between the EU and third countries on the horizon, modernization of the Customs Union represents an opportunity for Turkey to commit to economic reforms, improve its competitiveness, and enhance its integration potential with regard to forthcoming trade deals. Before the European Union proposes a new initiative, it assesses the need for EU action and the potential impact of alternative policy options in the form of an impact assessment. This will then allow submission of negotiating directives by the Commission to the Council. In the context of Customs Union modernization, in August 2015 the Commission published a roadmap. The roadmap was meant to provide an overview of potential options for enhancing bilateral trade relations and upgrading the Customs Union between the EU and Turkey. It highlighted the prospects for improved economic growth and integration among the parties.
The online public consultation on the future of EU-Turkey trade and economic relations was recently launched: http://trade.ec.europa.eu/consultations/index.cfm?consul_id=198