Türkiye, EU must deepen economic ties amid trade turbulence: Bolat

Turkish Trade Minister Ömer Bolat on Tuesday said Türkiye and the European Union must act with a shared understanding of competitiveness and economic security to navigate global trade turbulence, stressing that bilateral trade exceeding $233 billion demonstrates the depth of their economic interdependence.

Business summit

Speaking at the Türkiye-EU Business Summit in Brussels alongside EU Commissioner for Trade and Economic Security Maros Sefcovic, Bolat told business leaders from both Turkish and EU business circles that European capital accounts for approximately 70% of foreign direct investment in Türkiye. Sefcovic highlighted the strategic importance of bilateral economic ties and the key role of the High-Level Trade Dialogue mechanism in advancing cooperation, Bolat noted in a post on the Turkish social media platform NSosyal following the event.

Bolat emphasized that the EU's new industrial and competitiveness policies must take into account the strong production and supply chains established through the Customs Union, arguing that deepening economic relations serves both sides' long-term interests. "Türkiye is not only an important trading partner for Europe; it is also a strong production base, a reliable supply chain partner, and a strategic partner in global competition," he said, adding that Ankara's potential to strengthen Europe's industrial capacity and supply security is becoming increasingly important in global markets.

Long-term goals

The minister reaffirmed Ankara's determination to strengthen cooperation in green and digital transitions while making more effective use of the opportunities offered by the Customs Union. Bolat also cited the Century of Türkiye vision pursued under President Recep Tayyip Erdogan's leadership as a framework for expanding the country's production, export, investment, and technological capabilities. Türkiye will continue leveraging its strategic location, industrial infrastructure, skilled workforce, and manufacturing capabilities to advance its role in international trade, he stated.