Turkey and the European Union on Monday officially opened a new chapter in the country’s accession talks as part of an agreement aimed at helping Europe cope with the migrant crisis, newswires reported.

"EU-Turkey Intergovernmental Conference opens negotiations on Chapter 17 in accession talks," current EU president Luxembourg said, according to AFP.

The opening of Chapter 17 on economic and monetary policy will boost investments in the country, Turkish Deputy Prime Minister in charge of economy, Mehmet Simsek, said at a news conference in Brussels on Monday, according to Anadolu Agency.

Chapter 17 aims to bring Turkey in line with the EU’s economic and monetary policy and guarantee independence of the country’s central bank. The chapter includes compliance with the Copenhagen criteria for a functioning market economy and ability to cope with competitive pressure and market forces within the EU. It is the first chapter to be opened in two years.

Simsek said that "Turkey does not have major shortcomings regarding this chapter."

Since Turkey's membership bid began in 2005, the EU has opened 15 chapters, including Monday's, but only one has been completed. Turkey needs to complete 35 chapters in order to join the EU.

Ankara and the EU agreed in November that Turkey would help stem the flow of migrants to Europe in return for cash, visa-free travel for Turks and renewed negotiations on joining the bloc.

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