Türkiye applies to join SEPA payment area, minister says

Türkiye has submitted a request to join the Single Euro Payments Area (SEPA), Finance Minister Mehmet Şimşek has stated following a high-level economic dialogue with the European Union in Istanbul.

Sharing a post on X, he said the meeting focused on deepening financial and economic cooperation, including the integration of payment systems, Caliber.Az reports.

Today, we hosted EU Commissioner Dombrovskis @VDombrovskis and our EU partners in İstanbul for the Türkiye-EU High Level Economic Dialogue.

A few key takeaways:

1. EU membership remains Türkiye's strategic objective.

2. Our partnership is already strong. Bilateral trade… pic.twitter.com/Qlf4NhhXzs

— Mehmet Simsek (@memetsimsek) July 2, 2026

According to him, bilateral trade between Türkiye and the EU reached a record $233 billion last year, while two-way investment has exceeded $200 billion since 2003.

“We are not just trading partners. We are part of the same value chains,” he noted.

Şimşek made it clear that membership would make cross-border payments faster, cheaper and more secure for individuals and businesses on both sides.

“We are also taking an important step on financial integration. Türkiye has submitted its Letter of Intent to join SEPA, the Single Euro Payments Area. Once completed, SEPA membership will make cross border payments faster, cheaper and safer for businesses and citizens on both sides,” he wrote.

He also reiterated that European Union membership remains Türkiye's strategic objective and Ankara is committed to deepening economic integration with the bloc, including modernising the Customs Union and expanding cooperation in trade, energy, transport and investment.

“In a more fragmented world, we should invest in greater integration. That is why modernizing the Customs Union is a strategic priority. Expanding it to cover services, agriculture, public procurement and digital trade could unlock around €400 billion in additional trade potential,” the minister added.

By Bakhtiyar Abbasov