Turkey targets USD100 billion trade revenues with Russia

(MENAFN) Turkish President Recep Tayyip Erdogan announced on Wednesday plans to significantly boost economic cooperation with Russia, aiming to elevate their annual trade turnover to USD100 billion. Speaking during a meeting with Russian President Vladimir Putin at the Shanghai Cooperation Organization (SCO) summit in Astana, Kazakhstan, Erdogan highlighted that current bilateral trade stands at USD55 billion and expressed confidence in doubling this figure.

Putin echoed Erdogan's sentiments, emphasizing the steady development of relations between Moscow and Ankara despite global complexities. He noted the successful progress of joint projects and emphasized the absence of significant obstacles in their bilateral initiatives.

In 2023, both leaders reaffirmed their commitment to fostering mutual investments and facilitating access for Russian and Turkish businesses into each other's markets. They also agreed to adopt the Russian ruble as a settlement currency for bilateral trade transactions, including payments related to Russian natural gas supplies.

Trade between Turkey and Russia experienced a notable surge in 2022, surpassing USD62 billion, following Western sanctions imposed on Russia. However, the trade volume has faced challenges recently, partly due to US threats of secondary sanctions targeting products like industrial machinery and spare parts perceived to aid the Russian military.



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