Turkish efforts for the EU membership from 1963 to the 17th of Dec. 2004 were finally successful. The date of accession negotiations was set on the 3rd of October 2005. Concerning geography and culture Turkey is more Asian than European country. It is possible that it becomes full EU member in next 10 - 15 years. There will be advantages for both sides. Turkey will gain advantages from its membership - after the creation of customs union with the EU in 1996, Turkey will also acquire access to the four freedoms of common market of the EU. There is also a certain threat for Turkey concerning the free movement of labour - Turkey will have only limited access to this freedom. On the other side, the EU will acquire country with great growth dynamics and with wide market. Concerning risks, we have to mention relative political instability which is to be solved before the accession to the EU.