Ankara: Turkish Minister of Trade Omer Bolat announced on Tuesday that Turkiye made significant progress in overcoming trade barriers and deepening cooperation with the European Union, stressing the urgent need to update the Customs Union agreement between the two sides.

According to Qatar News Agency, Bolat spoke after the High-Level Trade Dialogue meeting between Turkiye and the EU in Ankara, which European Commissioner for Trade Maros Sefcovic attended. He stated that the meeting strengthened economic ties and played a key role in shaping a new and positive agenda, highlighting remarkable progress in overcoming trade barriers and enhancing cooperation in areas like green and digital transformation, electronic documentation, and monitoring systems.

The minister underscored that updating the Customs Union presents an important opportunity to enhance bilateral relations, particularly in digitalization, trade in services, sustainable development, and next-generation trade policies. He stressed that updating the Customs Union is not a choice but a necessity that would benefit both parties, as trade cannot be managed according to rules set 30 years ago.

Regarding visa liberalization, Bolat noted ongoing work with EU institutions and member states to advance this issue, which will soon be announced and implemented. He mentioned that visa procedures will be expedited through a new system to define thresholds, enabling faster movement of travelers.

The EU-Turkiye Customs Union agreement came into effect on January 1, 1996, following a decision adopted at the Turkiye-EU Association Council meeting on March 6, 1995, after negotiations between the two sides. Turkiye has long called for the agreement to be updated due to structural challenges stemming from the evolution of current trade dynamics. Since the agreement's implementation, trade volume increased multiple times, reaching 206 billion euros in 2023, making Turkiye the EU's fifth-largest trading partner.