The EU-Turkey Coal and Steel Agreement: A Comprehensive Overview
The EU-Turkey Coal and Steel Agreement is a significant treaty signed between the European Union and Turkey on July 12, 1980. This agreement paved the way for Turkey to become a candidate for membership in the EU, as it established closer economic ties between the two entities. In this article, we will explore the key components of the EU-Turkey Coal and Steel Agreement and examine its impact on both Turkey and the EU.
Background
Turkey had been seeking closer ties with Europe since the 1960s. This was due to the country`s economic and political instability, as well as Turkey`s geographic location as a gateway between Europe and Asia. The EU was also interested in forging closer ties with Turkey, as it saw the country as a strategic partner in the region. The EU-Turkey Coal and Steel Agreement was the first step towards establishing a more comprehensive relationship between the two entities.
Key Components
The EU-Turkey Coal and Steel Agreement has several key components. The most important of these is the establishment of a customs union between Turkey and the EU. This means that Turkey agreed to adopt the same trade policies as the EU, including the elimination of tariffs and non-tariff barriers in trade. This allowed for the free movement of goods between Turkey and the EU, which greatly facilitated trade and investment.
The agreement also established a framework for cooperation in the coal and steel industries. This included the exchange of information, the coordination of policies, and the promotion of joint projects. This was significant because coal and steel were two of the most important industries in Europe at the time, and Turkey was seen as a potential source of raw materials for these industries.
Impact on Turkey
The EU-Turkey Coal and Steel Agreement had a significant impact on Turkey. The establishment of a customs union with the EU helped to modernize Turkey`s economy, as it forced the country to adopt EU trade policies and standards. This led to an increase in foreign investment and exports, which helped to boost Turkey`s economic growth. The agreement also helped to promote political stability in Turkey, as it signaled the country`s commitment to closer ties with Europe.
Impact on the EU
The EU-Turkey Coal and Steel Agreement also had an impact on the EU. The treaty helped to strengthen the EU`s economic and political ties with Turkey, which was seen as a key partner in the region. The establishment of a customs union with Turkey helped to expand the EU`s market, as it allowed for the free movement of goods and services between the two entities. This helped to stimulate economic growth in the EU, as businesses were able to access new markets in Turkey.
Conclusion
The EU-Turkey Coal and Steel Agreement was a significant treaty that helped to establish closer economic ties between the European Union and Turkey. The establishment of a customs union between the two entities helped to facilitate trade and investment, while the cooperation in the coal and steel industries helped to promote joint projects. The agreement had a significant impact on both Turkey and the EU, helping to modernize Turkey`s economy and strengthen the EU`s economic and political ties with Turkey.