Select Committee on Trade and Industry Ninth Report


55. We were impressed by the energy for change that we found it Turkey, and by the determination shown to implement the financial reform programme. This bodes well for Turkey's eventual EU membership. We do not know how long the accession process will take; it is already having a modernising effect on Turkey's social and economic policies. We are concerned at the apparent ease with which the Turkish economy can be disturbed by relatively minor occurrences, thus causing problems with a steady economic reform.

56. There is potential for growth in UK-Turkish trade. Once interest rates are low and stable, and inflation is brought down to single figures, there is reason to think that UK investors will begin to see Turkey as a promising trading nation. The acceleration of the privatisation agenda could well lead to the development of links between for example utility and telecommunications companies. In the medium to long term, there is every prospect of Turkey's continuing to grow in significance as a trading partner for the UK, in due course as a fellow member state of the European Union.

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