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Home > Finance > Europe, Turkey agree to work toward updating customs union

Europe, Turkey agree to work toward updating customs union

Published by Global Banking & Finance Review®

Posted on February 6, 2026

1 min read

Last updated: February 6, 2026

Europe, Turkey agree to work toward updating customs union - Finance news and analysis from Global Banking & Finance Review

Tags:investment financial services economic growth

Quick Summary

Europe and Turkey agreed to modernize the customs union, aiming to enhance economic security and competitiveness. The European Investment Bank will resume operations in Turkey.

Europe, Turkey agree to work toward updating customs union

Modernization of the EU-Turkey Customs Union

ISTANBUL, Feb 6 (Reuters) - The European enlargement chief and the Turkish foreign minister said on Friday they had agreed to continue work toward modernizing the EU-Turkey customs union and to improve its implementation.

Key Discussions in Ankara

European Commissioner for Enlargement Marta Kos met Turkish Foreign Minister Hakan Fidan in the capital Ankara on Friday.

Investment Bank Operations in Turkey

"They shared a willingness to work for paving the way for the modernization of the Customs Union and to achieve its full potential in order to support competitiveness, and economic security and resilience for both sides," they said in a joint statement afterward.

The sides also welcomed the gradual resumption of European Investment Bank (EIB) operations in Turkey and said they intended to support projects across the country and neighbouring regions in cooperation with the bank.

(Reporting by Ece Toksabay and Ezgi Erkoyun; Editing by Jonathan Spicer )

Key Takeaways

•Europe and Turkey plan to modernize the customs union.
•Discussions held in Ankara with key officials.
•Focus on economic security and competitiveness.
•European Investment Bank to resume operations in Turkey.
•Joint efforts to support regional projects.

Frequently Asked Questions about Europe, Turkey agree to work toward updating customs union

1What is the European Investment Bank?

The European Investment Bank (EIB) is the lending arm of the European Union, providing finance and expertise for sustainable investment projects that contribute to EU policy objectives.

2What is economic resilience?

Economic resilience refers to the ability of an economy to recover quickly from difficulties, such as economic shocks or crises, and to maintain stable growth and employment levels.

Modernization of the EU-Turkey Customs Union

Key Discussions in Ankara

European Commissioner for Enlargement Marta Kos met Turkish Foreign Minister Hakan Fidan in the capital Ankara on Friday.

Investment Bank Operations in Turkey

(Reporting by Ece Toksabay and Ezgi Erkoyun; Editing by Jonathan Spicer )

Frequently Asked Questions

1What is the European Investment Bank?

The European Investment Bank (EIB) is the lending arm of the European Union, providing finance and expertise for sustainable investment projects that contribute to EU policy objectives.

2What is economic resilience?

Economic resilience refers to the ability of an economy to recover quickly from difficulties, such as economic shocks or crises, and to maintain stable growth and employment levels.