World Finance

World Finance

October 03, 2013 05:00 ET

Turkey's EU Waiting Game

LONDON, ENGLAND--(Marketwired - Oct. 3, 2013) - For the better part of 20 years Turkey has remained a staple on the EU waiting list due to it having consistently fallen far short of the single market expectations. Regardless of the country's status however, many believe Turkey to be a member in all but name and question whether or not the country would actually benefit from what the bloc has to offer.

"Turkey may be better off leaving those chapters unopened. Its government's human rights violations are appalling, and officials' refusal to negotiate with other EU members is immature," writes Nash Riggins in a recent World Finance special report focusing on the country's fractured relationship with the EU.

Last year Turkey was named the world's 14th-hottest economy in which to invest, direct investment climbed to over $12.4bn, and its government boasted bilateral investment treaties with 75 countries and counting. Since 2000, the Turkish economy has grown by an average of 6.7 percent year-on-year, but its otherwise outstanding prospects are spoiled by rising domestic tensions and an abysmal human rights record.

"In the end, if officials want their tiger economy to continue growing as an emerging world power, full EU membership may not be the way forward. The country truly is an EU member in all but name; therefore, its desperate pursuit of full membership status amounts to nothing more than an arbitrary desire to earn a coveted status symbol of shared European ideals. Without first cleaning up its human rights record and diplomatic ties, Turkey doesn't appear to share those ideals."

The article is available to read online and in print now as part of the new September-October edition of World Finance.

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