Türkiye and the European Union will hold their first high-level trade dialogue on July 8, Trade Minister Ömer Bolat and European Commission Vice President Valdis Dombrovskis announced Thursday.

The minister said Dombrovskis invited a Turkish delegation to Brussels for this significant meeting.

"By working together and cooperating on various issues, we will develop our economic relations in many ways," Bolat said in his remarks to Anadolu Agency (AA).

The announcement came after a meeting between Bolat and Dombrovskis at the newly opened Brussels representative office of the Türkiye Exporters Assembly (TIM).

Bolat emphasized the mutual goal of expanding and updating the customs union to benefit both parties.

He highlighted the ongoing efforts to address issues within the customs union framework, noting the constructive and functioning dialogue between Türkiye and the EU.

Expressing his satisfaction with the initiation of the high-level trade dialogue, Bolat said: "I am very pleased that Dombrovskis proposed to establish a high-level trade dialogue with Türkiye and that we accepted this offer. We will work on many issues on the agenda, and our contacts will continue closely."

He also pointed out that 40% of Türkiye's foreign trade is with the EU, making Türkiye the EU's fifth-largest trading partner.

Dombrovskis echoed Bolat's sentiments, expressing his pleasure in announcing the high-level trade dialogue with Türkiye.

"Türkiye is a key partner for the EU and this includes trade, where the mutual volume has continuously increased over the years," he said.

He acknowledged the important role of the Turkish Exporters Assembly in promoting trade and welcomed the opening of TIM's Brussels office.

Dombrovskis highlighted that trade between the two reached a record high of over 206 billion euros ($223 billion) in 2023, elevating Türkiye to the EU's fifth-largest trading partner.

"Good to see Trade Minister Ömer Bolat again to discuss preparing High-Level Dialogue on Trade on July 8. Honor to speak at the opening of the Türkiye Exporters Assembly office in Brussels. I look forward to the Assembly helping to boost economic & trade relations," Dombrovskis said in a post on X, formerly Twitter.

He noted that mutual trade is balanced and supported by high-value chain integration, with Turkish companies well integrated into European supply chains in sectors such as motor vehicles, machinery and electrical equipment thanks to the customs union.