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Türkiye, Russia Forge Trade, Economic Cooperation
(MENAFN) Türkiye and Russia have officially signed a pivotal protocol to enhance their bilateral trade and economic cooperation, covering sectors such as energy, agriculture, transport, and education.
The agreement was formalized on Friday in Moscow during a meeting of the Joint Intergovernmental Commission on Trade and Economic Cooperation (JEC), chaired by Turkish Trade Minister Omer Bolat and Russian Deputy Prime Minister Aleksander Novak.
The JEC protocol aims to strengthen the economic relationship between the two nations, setting a strategic roadmap for future collaboration. Following the signing ceremony, Bolat emphasized that the agreement would further solidify the trade and economic framework between Türkiye and Russia.
“Turkish and Russian economies, which have already proven their resilience, offer the necessary opportunities to build stronger cooperation with their complementary qualities,” Bolat remarked. He also highlighted the longstanding economic ties between the two countries as foundational to regional stability and peace.
Bolat also referenced the ongoing efforts of Turkish President Recep Tayyip Erdogan and Russian President Vladimir Putin to advance this partnership, targeting a $100 billion trade volume. This ambitious goal remains central to both governments’ economic strategies.
In addition, Bolat underlined Türkiye's robust economic performance, noting that the country has experienced 19 consecutive quarters of growth, with a 3.2% expansion in the last year. The Turkish economy has now reached a $1.3 trillion size, and exports have surged from $36 billion in 2002 to an estimated $262 billion in 2024—more than a sevenfold increase.
“The undeniable potential of the Turkish economy is echoed on a global scale,” Bolat added, citing the World Bank’s recent upward revision of Türkiye's growth forecast from 2.6% to 3.1%.
Bolat also acknowledged Russia’s unexpected economic performance amid global challenges, noting that according to the International Monetary Fund (IMF), the Russian economy is projected to grow by 4.1% both in 2023 and 2024.
This bilateral protocol is seen as a crucial step toward deepening Türkiye-Russia economic ties, offering substantial potential for both nations in the years ahead.
The agreement was formalized on Friday in Moscow during a meeting of the Joint Intergovernmental Commission on Trade and Economic Cooperation (JEC), chaired by Turkish Trade Minister Omer Bolat and Russian Deputy Prime Minister Aleksander Novak.
The JEC protocol aims to strengthen the economic relationship between the two nations, setting a strategic roadmap for future collaboration. Following the signing ceremony, Bolat emphasized that the agreement would further solidify the trade and economic framework between Türkiye and Russia.
“Turkish and Russian economies, which have already proven their resilience, offer the necessary opportunities to build stronger cooperation with their complementary qualities,” Bolat remarked. He also highlighted the longstanding economic ties between the two countries as foundational to regional stability and peace.
Bolat also referenced the ongoing efforts of Turkish President Recep Tayyip Erdogan and Russian President Vladimir Putin to advance this partnership, targeting a $100 billion trade volume. This ambitious goal remains central to both governments’ economic strategies.
In addition, Bolat underlined Türkiye's robust economic performance, noting that the country has experienced 19 consecutive quarters of growth, with a 3.2% expansion in the last year. The Turkish economy has now reached a $1.3 trillion size, and exports have surged from $36 billion in 2002 to an estimated $262 billion in 2024—more than a sevenfold increase.
“The undeniable potential of the Turkish economy is echoed on a global scale,” Bolat added, citing the World Bank’s recent upward revision of Türkiye's growth forecast from 2.6% to 3.1%.
Bolat also acknowledged Russia’s unexpected economic performance amid global challenges, noting that according to the International Monetary Fund (IMF), the Russian economy is projected to grow by 4.1% both in 2023 and 2024.
This bilateral protocol is seen as a crucial step toward deepening Türkiye-Russia economic ties, offering substantial potential for both nations in the years ahead.
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