Union of Chambers and Commodity Exchanges of Turkey (TOBB) and Turkish Industry and Business Association (TUSAD) issued a statement ahead of French parliament vote to adopt a bill penalizing Armenian Genocide denial, Turkish media reports say.

According to the statement, the adoption of the bill will negatively affect the EU economy, considering current economic situation.

“Ankara may become an important EU partner during major political reforms,” the statement said, adding that the adoption of the bill would be the most vulnerable event in the history of Turkey.

The French National Assembly is set to vote on the bill criminalizing the Armenian Genocide denial on December 22.

On December 7, the Judiciary Committee of the National Assembly has passed the bill introduced by MP Valerie Boyer (UMP). The measure envisages a 45,000 euro fine and a one-year imprisonment for the denial of the Armenian Genocide, which was recognized by France back in 2001.