Türkiye will bolster Europe's position against various threats, particularly with the update of the Customs Union during US President-elect Donald Trump's second term, as Europe's strategic environment is expected to face challenges, Markus Slevogt, president of the European Turkish Trade and Investment Council (ETTIC), told Anadolu.
Slevogt said the council will engage with European Union member states and representatives to advance the Customs Union update between Türkiye and the EU while improving communication regarding business, trade and investments.
Highlighting the significant trade relationship, he noted that over $231.4 billion in annual bilateral trade occurs between Türkiye and the EU, with European businesses investing more than $210.4 billion in Türkiye between 2002 and 2023.
Slevogt pointed out that the existing Customs Union draft, created in 1996, no longer addresses modern needs. It excludes critical areas such as e-commerce, services, agriculture and public procurement, necessitating an update to align with 21st-century requirements.
He said the European Commission will begin its new five-year term in December, a month before Trump assumes office in the US, noting that changes within the Commission present opportunities for progress.
Slevogt added that the ETTIC will embrace a fresh approach with the new Commission term, focusing on advancing the Customs Union update between Türkiye and the EU.
He underscored that Trump's policy agenda could strain trade relations, compelling Europe to explore new opportunities in energy and rethink its business model. In this context, Türkiye's strategic location, industrial capacity and connectivity to European markets position it as a pivotal player.
Updating the Customs Union will significantly benefit Europe in addressing threats, whether from the US or Asia, Slevogt argued, while also emphasizing the need to redefine the EU-US relationship.
