EU-Türkiye relations began with 1963 Association Agreement. Customs Union entered force in 1995. Türkiye became EU candidate in 1999, accession negotiations started in 2005
Customs union removes trade barriers between neighboring countries. Common external tariff imposed on non-members. Members can trade freely within union without additional tariffs
EUCU includes 27 member states, Monaco, and British Overseas Territory of Akrotiri and Dhekelia. EU has customs unions with Andorra, San Marino, and Turkey. Some EU territories opt-out due to tax or geographical reasons
Customs union combines free trade area with common external tariff. Established through trade pacts between participating countries. Third stage of economic integration. Every economic union includes a customs union
Free trade area comprising Bolivia, Colombia, Ecuador, and Peru. Headquarters located in Lima, Peru. Has 113 million inhabitants over 4.7 million km² area. GDP reached US$745.3 billion in 2005, excluding Venezuela
VAT was introduced in UAE on January 1, 2018 at a 5% rate. VAT aims to reduce government's dependence on oil revenue. VAT is mandatory for businesses exceeding AED 375,000 annually