Free trade agreements with the US discussed

Speaking at a meeting with Turkey's top private sector representatives and Turkish-American business organization executives regarding a free trade agreement with the US, Economy Minister Zafer Caglayan said that if the planned Transatlantic Free Trade Agreement (TAFTA) occurs between the US and the EU without supporting free trade agreements between Turkey and the US, Turkey's trade capacities will experience severe hardship and the trade deficit will increase immensely. Caglayan also said that Turkey's customs union agreement with the EU would leave the country out in the cold, if proper agreements were not also signed with US counterparts, stressing that Turkey faced unfair competition against products entering Turkey with very low customs taxes and Turkish products facing high customs taxes abroad. Caglayan added that the problem stemming from Turkey's conditions in the Customs Union Agreement with the EU was a historic mistake for which Turkey has been paying for the past 18 years.