Complete update in Customs Union deal to make additional 2 pct hike in Turkey's GDP: Minister

The modernization of the Customs Union deal with the European Union will increase Turkey's gross domestic product (GDP) by 2 percent by 2030 in the best-case scenario, Economy Minister Nihat Zeybekci said, as reported by state-run Anadolu Agency. 

Zeybekci said the ministry conducted impact assessment analyses on four different alternatives. 

"The second alternative, which includes completely updating the existing Customs Union deal in all fields, namely agriculture, services and public procurement acquisitions, is the best option for us and the EU. According to the impact analyses in this scenario, there will be an additional 2 percent of contribution to Turkey's GDP by 2030. A new era will begin for Turkey if this deal is fully applied in the future," he told journalists on his way for an official visit to Ethiopia. 

The European Commission said Dec. 21 that it asked the European Council for a mandate to launch talks with Turkey to modernize the existing EU-Turkey Customs Union. The upgrade of the EU-Turkey trade relation forms an essential part of the efforts made by the EU and Turkey to deepen their relations in key areas of joint interest identified at the EU-Turkey Summit of Nov. 29, 2015, and in the EU-Turkey statement of March 18, 2016. 

"We believe that the related decision will be made in the first quarter of 2017. We do not think there will be any problems in line with our talks, although anything is possible," he said. 

He added that both Turkey and the EU asked independent institutions to make impact analyses, which were completed simultaneously. 

Four alternatives

"We find the results positive for both sides. We made a presentation on four different alternatives to the...