Published On 2/7/2026
Türkiye announced the submission of a letter of intent to the European Payments Council to join the Single European Payments Area (SEPA), in a move aimed at facilitating financial transfers and enhancing trade and investment with the European Union.
Turkish Minister of Treasury and Finance Mehmet Simsek said, during a joint press conference with European Union Commissioner for Economic Affairs Valdis Dombrovskis following the high-level economic dialogue meeting in Istanbul, that Turkey’s accession to CEPA will bring direct benefits to companies and citizens, expressing his hope that the accession procedures will be completed as soon as possible.
Read also
list of 3 itemsend of list
Simsek explained that membership will contribute to facilitating cross-border payments and enhancing the competitiveness of Turkish companies, stressing that the meeting reflects the common will to deepen economic integration between Turkey and the European Union in light of the transformations taking place in the global economy.
The Single European Payments Area (SEPA) is an initiative launched by the European Union in 2008 to unify and simplify cross-border euro bank payments, making transfers between participating countries similar to local transfers in terms of speed, cost and procedures.
It currently includes 41 countries, including all European Union countries, in addition to the United Kingdom, Switzerland, Norway, Iceland, Liechtenstein, Andorra, Monaco, San Marino, and the Vatican. Since 2025, five countries nominated for European Union membership have joined it: Albania, Moldova, Montenegro, North Macedonia, and Serbia.
The system allows the implementation of traditional and instant bank transfers in euros, in addition to direct debit services used to pay bills and subscriptions, which reduces transaction costs and reduces administrative burdens on individuals and companies.
Economic integration
Shimek pointed out that the discussions dealt with cooperation in the fields of industry, trade corridors, energy, and supply chain security, stressing that updating the Customs Union Agreement is no longer just a technical amendment, but has become a “strategic necessity” in light of the expansion of trade to include services, the digital economy, public procurement, and agriculture.
He added that Turkey called on the European Union to remove some ambiguities related to the automobile sector within the draft law on accelerating the industry, and is also working to amend the Public Procurement Law to ensure equal treatment of European Union companies on the basis of reciprocity.
Simsek stressed that Türkiye’s accession to the European Union remains a strategic goal, stressing that Ankara continues to develop its economic partnership with the Union on the basis of mutual benefit and stability.
Strengthening the partnership
For his part, European Union Commissioner for Economic Affairs Valdis Dombrovskis welcomed Türkiye’s official announcement of its intention to join the unified European payments area, considering that the step represents a positive development to enhance economic integration between the two sides.
He said that Turkey is a candidate country for membership in the European Union and a major partner in the areas of security and stability, noting that the volume of bilateral trade reached a record level exceeding 217 billion euros (about 254 billion dollars) during the year 2025, with Türkiye maintaining its position as the fifth largest trading partner of the European Union.
He added that international financing institutions can play an important role in supporting transportation, energy and digital infrastructure projects, noting that the European Investment Bank has resumed financing clean energy and energy efficiency projects in Türkiye.
He also explained that the European Bank for Reconstruction and Development continues to expand its operations in Turkey, with the volume of its investments exceeding 2.7 billion euros, pointing out that the Istanbul Northern Corridor Railway Project represents a model of cooperation between development banks in supporting regional connectivity projects.
