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After more than twenty years, the CU continues to play a key role in modernizing the Turkish economy, by favouring - through a substantial increase in trade with European countries - the upgrade in efficiency of the private sector and Public Administration at the same time, as we have been demonstrating in our paper.
With the CU, Turkey has modernized its customs administration and approved a new customs law inspired to the European Commission’s Customs Code: to eliminate the TBTs, Turkey has harmonized its standards with the European and international ones, containing the operations of testing, certification, inspection, accreditation and metrology; Ankara has definitely developed a market surveillance and import control system from Brussels, including mutual recognition in the non-harmonized areas.
After the implementation of the Customs Union, on one side, Turkey’s economy-wide nominal protection rate (NPR) (1) in trade with the EU as well as with third countries has decreased substantially. On the other, also the EU lifted nominal tariff rates on imports of industrial goods from Turkey, in 1971.
"If there is one thing I regret, that’s not having started before," said Wuilmer B., one of the many Venezuelans who has just begun using bitcoins. Venezuela has been setting new bitcoin transaction volume records since April, and not because Venezuelans are crypto currencies speculators, but for two reasons: inflation is at a record high and getting hold of US dollars is almost impossible — the American currency was so far the only way for people to survive the collapse of the local currency and buy products, food and medicines that are no longer available in Venezuela.
Giovedì il ministro degli Esteri messicano Luis Videgaray ha compiuto una visita di stato di un paio di giorni a Cuba per incontrare il suo omologo Bruno Rodríguez e, secondo i comunicati ufficiali, rafforzare i legami economici e la cooperazione bilaterale. Ma il viaggio, secondo una rivelazione di Reuters, sarebbe servito al Messico anche per tentare di ampliare la sua rete di alleanze contro il Venezuela di Nicolás Maduro.
A shepherd appeared out of nowhere at 14,767 feet above sea level. "The whole area is called Uco," he said to the founder of Proyecto Rímac and the other two in the group searching in the area between two tropical glaciers for the source of the river that provides drinking water to almost 10 million people in Lima.
Turkey’s geography has been for centuries, since the time of the Silk Road route, the trade gate between Far East and Western Europe. Not by chance, Turkey is the 13th-largest economy for global production and the largest emerging market in Europe: key industrial sectors are textile, automotive, electronics and cement. The country is a service-based economy (50% of the total workforce), producing 70% of total GDP, followed by industrial output and agriculture (still 25% of the working population). International trade is a big part of economic activity, being Turkey the 31st largest exporter in the world.
The liberalisation process of the 1980s was in fact not sufficiently supported by sound macroeconomic policies and reforms: at the beginning of 2000, publicly owned banks still held almost 40% of total assets in the banking sector; State enterprises, operating at low efficiency and representing a burden on Government budget, still dominated several economic sectors. Turkey’s uncertain economic development in the 1990s confirms the theories for which the financial liberalisation needs to be implemented in a strong institutional and regulatory environment (sound bank regulation and supervision, effective law enforcement, good governance in the private and public sectors, etc.), which was not the case.
According to the external consultant BKP Research & Consulting 2016 study, the BPTF has positively impacted both the EU and Turkey. The study estimated that in 2016, EU’s exports to Turkey and Turkey’s exports to the EU were 8.7 billion euros (9.1%) and 6 billion euros (6.5%) higher, respectively, than they would have been without the BPTF.
Public procurement and services have been initially outside the scope of the CU. After 1995, specific Preferential Trade Agreements have progressively enlarged the CU to these two sectors: Turkey has to make sure that the EU principles concerning public undertakings (or companies having special or exclusive rights) are applied.
The Customs Union (CU) between the EU and Turkey came into effect in 1996 and still represents the closest relationship that the EU has with a non-member country, which defines Turkey as a relevant partner for the EU and vice versa. In fact, it has been one of the most important steps in Turkish economic development, after the liberalisation of the 1980s.
Since the Arab Springs in 2011 (1) and as a result of growing instability in the region, migration transit through Turkey has become an increasing issue for the whole Europe. Turkey then assumed the role of guardian of the Schengen area, protecting it from irregular migration. These events brought about an unattended rapprochement between Turkey and the EU.