Turkey interested in joining SEPA, says Foreign Minister Hakan Fidan
Turkish Foreign Minister Hakan Fidan has stated that Turkey is interested in becoming part of the Single Euro Payments Area (SEPA), a system encompassing 41 countries designed to standardise euro payments. Fidan confirmed that relevant financial entities in Turkey are actively working on this issue.
SEPA, an initiative by the European Union, simplifies electronic euro payments across borders, aiming to make cross-border transactions as easy, fast, and affordable as domestic ones. Accession would represent a significant step towards deeper economic integration with Europe, modernising Turkey’s financial infrastructure and strengthening its ties with the European market.
For Turkish businesses, particularly those engaged in exports and imports with Europe, SEPA membership could significantly streamline payment processes, leading to lower transaction costs and faster settlements, thereby improving liquidity and competitiveness. On an individual level, it would simplify bank transfers for Turkish citizens trading or working in SEPA countries, as well as for Europeans with financial interests in Turkey, potentially stimulating tourism and broader financial engagement.
This pursuit of SEPA membership demonstrates a pragmatic approach by Turkey to foster economic cooperation, independent of the broader EU membership process.
Source: Haberglobal
