On 2 July 2026, European Commissioner for Trade Valdis Dombrovskis and Turkish Minister of Treasury and Finance Mehmet Şimşek co-chaired the EU-Türkiye High-Level Economic Dialogue in Istanbul, where they launched a new initiative to support industrial decarbonisation in Türkiye. The European Commission and the European Bank for Reconstruction and Development (EBRD) expressed interest in exploring an agreement for up to €5.7 million to establish the Türkiye Industrial Decarbonisation Investment Platform, which aims to promote sustainable industrial transformation through innovation and technology development, and enhance alignment with EU rules and digitalisation goals.
The dialogue, re-launched in 2025 as part of a revitalised EU-Türkiye agenda endorsed by EU leaders in 2024, focused on strengthening economic ties amid global uncertainties. Dombrovskis noted that bilateral trade under the EU-Türkiye Customs Union reached a record €217 billion in 2025, making Türkiye the EU's fifth-largest trade partner. He updated Şimşek on the EU's competitiveness drive, including trade network diversification, regulatory simplification, and Single Market barrier removal. Dombrovskis welcomed Türkiye's official interest in joining the Single Euro Payments Area (SEPA), which would integrate Turkish payment systems with the EU's.
The meeting also highlighted the role of international financial institutions (IFIs) in translating policy objectives into investments. Representatives from the EBRD, European Investment Bank (EIB) Group, and Council of Europe Development Bank attended. Dombrovskis praised the EIB's recent re-engagement in Türkiye through clean energy and energy efficiency projects, and noted that Türkiye remains one of the EBRD's largest countries of operation, with over €2.7 billion invested in 2025. The Istanbul North Rail Crossing (INRAIL) project was cited as a model for IFI coordination, reinforcing logistics hubs in the Black Sea and South Caucasus regions.
Dombrovskis also raised the importance of democracy and rule of law, stating these are essential for investor confidence and macroeconomic stability. The next High-Level Economic Dialogue is expected to take place in Brussels.