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Turkey avoids economic pain with EU trade agreement

Turkey would have suffered heavy economic consequences if it was left out of the Transatlantic Trade and Investment Partnership, the world’s largest free trade zone.
Turkey's Prime Minister Ahmet Davutoglu addresses members of parliament from his ruling AK Party (AKP) during a meeting at the Turkish parliament in Ankara March 2, 2015. REUTERS/Umit Bektas (TURKEY - Tags: POLITICS) - RTR4RQ8X
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Turkey has won its customs union struggle with the European Union, which decided not to exclude Turkey from the Transatlantic Trade and Investment Partnership (TTIP) it's about to conclude with the United States. The customs union agreement between the EU and Turkey is scheduled to be signed May 11.

Prime Minister Ahmet Davutoglu announced the development in his address to the General Assembly of the Union of Chambers and Bourses of Turkey on May 2. Davutoglu emphasized that henceforth there will be no infringement of Turkey’s rights in future EU free trade agreements. 

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