Turkey – a new corporate world for Europe: An evaluation of the implications of potential Turkish membership of the European Union

Abstract:

This report was prepared for the Turkish-EU Enlargement Council of the European Round Table of Industrialists. Its aim is to assist an evaluation of the implications of potential Turkish membership of the European Union. The EU is to review a European Commission report on Turkey's progress in meeting the Copenhagen Criteria for full membership at the European Council meeting due in December 2004 and, dependent on this review, decide on a date for starting negotiations with Turkey on full membership.

The report describes Turkey as a large country with the consumer potential of a small European country. However, in the future, it will be a market which few companies can afford to ignore. The Turkey of today is a strategic asset to Europe by providing a buffer against rogue states and regional uncertainties. The Turkey of tomorrow is an asset as the power engine of regional growth and stability. Europe's endorsement of Turkish prospects will increase market confidence and fuel foreign and domestic investment in Turkish industry to take advantage of labour and transportation costs. It is a virtuous circle: a more prosperous Turkey creates European prosperity which is in turn reinvested in Turkey.