Custom Union Essay

1173 words - 5 pages

The Customs Union and Turkish Foreign Policy

Economical developments in Turkey and the world keep moving in an

incredible speed. With the increasing world trade volume and gradually

intensifying rivalry, companies’ efforts for strengthening their market shares are

increasing day by day. Being able to keep alive in the middle of this rivalry

depends on being successful in the international platform. The industrialized

countries aiming to get out of this situation with the minimum loss have started

to give more significance to their economical security. It can be seen that

preventions such as goods and amount restriction has decreased and local

commercial and political ...view middle of the document...

The process of opening to foreign trade

started during the times when coup’s political damages were ruling the country,

which caused transformations’ being fast and sometimes out of control.

International system’s slacking off at the beginning and the collapse of East Block

provided expansion in Turkey’s foreign relationships and especially Caucasia an

Middle East became the new interest areas. On the other hand, it is necessary to

state that these areas got the interest of the whole the world, which put Turkey

in an extraordinary situation for her, as she was in a challenge with different

rivals from different areas in different environments.

Foreign trade balance’s having serious deficit and export’s being insufficient

to meet import till 1980s, a wide ranged economical packet named ‘’24 January

Decisions’’ was put into action in 1980 in order to economy’s becoming able to

challenge in free markets and to make Turkey suitable for international

economical system. As a part of these decisions, Turkey passed to flexible

exchange rate system from fixed exchange rate system. Exportation was

encouraged by incentives and exportation based industrialization strategy was

started to be conducted with the economical pocket reform. Bureaucracy’s effect

decreased on exportation and free environment for it was provided. With the

change done in 1989, foreign currency importation was set free and in 1990,

foreign currency regime was even become more liberalized; foreign currency

became convertible so that it became free to import and export with Turkish

money. To make exporters stronger in terms of being able to compete in abroad,

Turkish-Eximbank was settled up.

Iraq’s invasion of Kuwait in 1990 resulted in The Gulf Crisis and international

economical system started to show inconsistence. The effect of this situation was

also felt in Turkish economy. Because of rising inside and outside debt stock,

public openness and rising inflation, economical crisis showed up in 1994. After

that crisis, economical precautions known as ‘’5 April Decisions’’ were put into

action. Thanks to the high rated devaluation done in 1994 and conducted

economy policies, Turkey’s rivalry power in international markets relatively

increased. Besides taken precautions, Turkey’s entrance to The Customs Union,

and strategies applied after that step of Turkey created a rise tendency of foreign

trade volume of hers between the years of 1994-2013.

However, this rise was reasoned by fast rise of import because of removal of

customs’ limitations with EU countries. That’s why, as can be seen from the

graphic given below, the rate of exportation’s meeting importation showed a

decreased between the years of 1994 and 2000. In the same graphic,...

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