The failure to modernize the three-decade-old customs union between Türkiye and the European Union is a lose-lose scenario, a top business body head said on Monday, while also warning of risks from growing protectionist measures.
"We are talking about a union that has reached its 30th year, and we are still discussing its update," Foreign Economic Relations Board (DEIK) President Nail Olpak said.
"If this update does not happen, it is not only Türkiye that loses. The EU loses as well," Olpak told an interview with Anadolu Agency (AA).
Türkiye has long urged the EU to break the impasse on updating the trade agreement, whose overhaul Ankara says would be a win-win.
The deal was struck in 1995, before the European Commission formally proposed rev
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