It's good to be in Istanbul for today's EU-Türkiye High-Level Economic Dialogue with my counterpart, Minister Şimşek.
This forum was re-launched last year as part of the revitalised EU-Türkiye agenda that was endorsed by EU leaders back in 2024.
It is fitting that we gather in a city that has long bridged East and West, much as our economic partnership today seeks to bridge our two economies, for mutual growth and shared prosperity.
The EU-Türkiye relationship is one of strategic importance across a wide range of policy areas.
From trade and investment to economic security and defence.
Türkiye is an EU candidate country, NATO ally and key regional player for security and stability.
We are both neighbours and partners, in an increasingly challenging and fragmented world.
It is especially important in this context to build and maintain strong and trusted partnerships.
The EU shares a common interest with Türkiye in further strengthening our economic ties and cooperation.
That was the subject of today's dialogue.
The numbers make the depth of our economic relationship clear.
Bilateral trade under the EU-Türkiye Customs Union reached a record high of over €217 billion in 2025, keeping Türkiye as the EU's fifth-largest trade partner.
So, as we seek to strengthen our economic ties, we are building on solid foundations.
We covered a lot of ground today.
We shared our respective assessments on the economic outlook, which remains largely uncertain in these volatile times.
Russia's continued brutal war against Ukraine and the conflict in the Middle East have exposed our vulnerabilities and the high risk of supply chain disruptions.
They have also underlined the urgency of improving our competitiveness and resilience.
On my side, I updated Minister Şimşek on the European Union's competitiveness drive.
This includes initiatives to strengthen and diversify our trade network, cut red tape for our businesses and remove remaining barriers in the EU's Single Market.
This is central to our strategy to secure our long-term prosperity, security, and resilience.
It is clear that both the EU and Türkiye stand to gain from each other's efforts to enhance economic competitiveness and resilience.
And it is in our mutual interest to seek new opportunities for cooperation, particularly in sectors critical for both economies.
There is an immense untapped potential to be explored.
In this context, I welcome that Türkiye officially expressed interest to join the Single Europe Payments Area (SEPA).
Today's dialogue also highlighted the important role international financial institutions can play in translating our shared policy objectives into concrete investments.
We were joined by representatives from the European Bank for Reconstruction and Development, the European Investment Bank Group and Council of Europe Development Bank.
I am particularly pleased to see the recent re-engagement of the EIB in Türkiye through its support to clean energy and energy efficiency investment projects.
Türkiye remains one of the largest countries of operation for the EBRD, with more than €2.7 billion invested last year.
IFIs can address investment needs of a country more efficiently if they work together and complement each other.
One of the areas where we see huge potential for IFIs to play an important role is in our Connectivity Agenda, which demands investments in areas like transport, energy and digital infrastructure.
For instance, the Istanbul North Rail Crossing (INRAIL) project is a major infrastructure initiative that would reinforce critical logistics hubs across the Black Sea Region and the South Caucasus.
It involves impressive development banks coordination and is a prime example of complementarity.
Allow me also to highlight a concrete outcome involving international financial institutions:
The European Commission and the European Bank for Reconstruction and Development today recognized interest in exploring an agreement for up to €5.7 million to support the establishment of the Türkiye Industrial Decarbonisation Investment Platform.
It would promote the transformation of industry towards sustainable economic growth by encouraging innovation and technology development, and enhance alignment with the EU acquis and digitalisation agenda.
Finally, any true partnership must be open to frank exchanges.
I raised the importance the EU places on the advancement and protection of democracy and the rule of law.
These are not only core European values, but also essential to enhancing investor confidence and macroeconomic stability.
To conclude, the importance of regular, open dialogue has never been greater.
I am convinced continued cooperation and exchanges can deliver lasting benefits for both sides.
In that spirit, I would like to express my sincere gratitude to Minister Şimşek and the Turkish authorities for hosting this year's High-Level Economic Dialogue.
I look forward to welcoming you to Brussels for the next edition.
