European Commissioner for Trade Valdis Dombrovskis and Turkish Finance Minister Mehmet Şimşek held the EU-Türkiye High-Level Economic Dialogue in Istanbul on 2 July 2026, agreeing to explore a €5.7 million platform to decarbonise Turkish industry and reaffirming mutual interest in strengthening economic ties amid global volatility. The meeting marked the second edition of the forum, which was relaunched in 2025 as part of a revitalised EU-Türkize agenda endorsed by EU leaders in 2024.
Bilateral trade under the EU-Türkiye Customs Union reached a record €217 billion in 2025, making Turkey the EU's fifth-largest trade partner. Dombrovskis welcomed Turkey's official expression of interest in joining the Single Euro Payments Area (SEPA), which would align Turkish payment systems with EU standards. The dialogue also featured representatives from the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) Group, and the Council of Europe Development Bank, highlighting the role of international financial institutions in translating policy objectives into investments. Dombrovskis noted the EIB's recent re-engagement in Turkey through clean energy and energy efficiency projects, while the EBRD invested over €2.7 billion in the country last year.
A concrete outcome of the dialogue was the recognition of interest between the European Commission and the EBRD to explore an agreement for up to €5.7 million to support the establishment of the Turkey Industrial Decarbonisation Investment Platform. The platform aims to promote industrial transformation towards sustainable economic growth by encouraging innovation and technology development, and enhancing alignment with the EU acquis and digitalisation agenda. Dombrovskis also highlighted the Istanbul North Rail Crossing (INRAIL) project as a major infrastructure initiative that would reinforce logistics hubs across the Black Sea region and South Caucasus, involving coordination among development banks.
On the political side, Dombrovskis raised the importance the EU places on the advancement and protection of democracy and the rule of law, describing them as core European values essential for investor confidence and macroeconomic stability. The dialogue took place against the backdrop of Russia's war in Ukraine and the Middle East conflict, which have exposed vulnerabilities and supply chain disruption risks. Dombrovskis updated Şimşek on the EU's competitiveness drive, including efforts to strengthen and diversify trade networks, cut red tape, and remove Single Market barriers. He expressed confidence that continued cooperation could deliver lasting benefits for both sides and looked forward to hosting the next edition in Brussels.