Turkey's inclusion in the "Made in the EU" project is a positive step for its automotive, steel and other industries, Turkish Trade Minister Omer Bolat said in a statement on March 5.
"We are pleased that the intensive and constructive diplomatic cooperation that we have recently carried out with the European Union on economic and commercial issues based on mutual understanding has brought positive results," the minister said, referring to the recently published EU Law on Accelerating Industrial Development.
"The recognition of the existing Customs Union with Turkey within the framework of the IAA and the "Made in the EU" policy was a positive and constructive decision in terms of the continuity of investments and initiatives on both sides and the competitiveness of European value chains." he said.
According to Bolat, this development, which is an integral and reliable part of European value chains in many important product groups, especially in the automotive sector, is expected to further deepen industry integration between Turkey and the EU and accelerate the eco-friendly and digital transformation of value chains.
"In the coming period, we will continue to resolutely maintain our close contacts with the EU in such promising areas as mutual openness of public procurement markets, Internet connectivity and environmentally friendly transformation based on the principle of reciprocity, as well as deepening and further strengthening our economic partnership," the minister said.
.The IAA, presented by the Vice President of the European Commission, Stephane Sejourn, on March 4, introduces requirements for local content in public procurement, new conditions for foreign investment and a simplified procedure for issuing permits for industrial projects.
These measures target industries such as cement and aluminum production, as well as zero-emission technologies such as batteries, solar energy, wind, heat pumps, and nuclear power.
With regard to steel, the IAA offers special preferences for low-carbon steel to stimulate demand.
Steel exports from Turkey decreased 18.4% year-on-year to 911,800 metric tons in January due to low demand in a key export destination, the EU, as well as uncertainty about CBAM, according to the latest data from the Turkish Steel Producers Association provided by Platts, part of S&P Global Energy.
According to their latest statements, Turkish steelmakers expected a recovery in demand in the EU in the coming months as the existing uncertainty was eliminated.
The weekly estimate of the Turkish HRC according to Platts data on February 27 was 590 dollars per
