Please make sure you write about Republic of Turkey otherwis

Please make sure you write about Republic of Turkey otherwise please don\'t waste your and my time. Thanks!!

Give an example of Republic of Turkey\'s regional economic integration and identify several potential benefits and several potential drawbacks of regional integration for Republic of Turkey.

Elaborate on the protocols of the regional agreement.

Solution

Turkey’s need for foreign markets in 1980s led the country to strengthen regional cooperation with trading partners worldwide. Trade ties with Middle East received particular attention under Ozal. Business people also worked to improve trade ties with North America, East Asia, and Eastern Europe. Turkey’s increased attention to Middle Eastern markets boosted export of manufactured goods and construction services.

The Ozal government made a formal application to EC membership. The European Commission issued an official opinion on the Turkish application but proposed that negotiations should not commence until 1993. Negotiations thereafter led the EU to vote for Turkey’s inclusion in the free trade area in 1995. The steady liberalization of the economy and integration begun by former President Ozal has continued without interruption.

Some observers have postulated that admitting Turkey into EU would have some negative effects. One that the level of industrialization in Turkey lags behind the European countries, that the degree of budgetary transfers to lift Turkey to the levels of even the poorest European countries would place a huge burden on Europe’s resources, and that given entry would mean permitting labor mobility. They were also sceptical about human rights policies of Turkey.

Despite several setbacks, Turkey has been designated a major emerging market by the main international financing centers. Most observers have instilled confidence in the economy because a large proportion of foreign investments has gone into industrialization. It has also been acknowledged the government’s ability to steer the economy toward the objective of making Turkey a major regional and international industrial power.

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